PLYMOUTH, Minn. — Legacy Restoration and Bessemer Investors LLC, a New York-based investment firm, announced today that Bessemer has acquired Legacy. Bessemer has partnered with Legacy's management team to provide liquidity to selling shareholders and capital to support the company's growth through organic initiatives and acquisitions.
Founder and CEO Scott Mullins and Legacy's management team will continue leading the company as a stand-alone platform. Financial terms of the transaction were not disclosed.
"We are pleased to have established this partnership with Bessemer and their team," said Mullins. "Legacy Restoration has achieved remarkable growth in its 10-year history, and we feel confident the Bessemer/Legacy partnership will enable us to continue this trend. The transaction will also have a positive impact on the Legacy family, our customers, and the communities we serve."
Andrew Mendelsohn, principal at Bessemer, said, the company is excited to partner with Legacy and to continue building on its track record of growth.
"Led by an experienced management team, Legacy is an industry leader with a reputation for high quality service and conducting business with integrity," said Mendelsohn. "We see numerous growth avenues for Legacy, whether through geographic and end market expansion, or through strategic M&A opportunities, and look forward to supporting Scott and the management team through the next phase of growth."
Waller Helms Advisors served as financial advisor to Legacy, while Hellmuth & Johnson served as legal counsel. Piper Sandler & Co. served as financial advisor and Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Bessemer Investors. Capstone Headwaters served as capital markets advisor and Tree Line Capital Partners and Bridge Bank, a division of Western Alliance Bank, provided debt financing for the transaction.