Terms of the deal remain undisclosed, according to a press release. Dwyer accepted the buyout in order to acquire more franchises and expand into foreign markets, according to its executive chairwoman, Dina Dwyer Owens.
As part of the deal, about 500 employees, including 270 in Waco, will share $1 million distributed on the basis of time with the company. “Some will receive several thousand dollars, and if you were hired just yesterday, you’ll get a $50 bonus,” said Mike Bidwell, The Dwyer Group president and CEO.
The Dwyer Group franchises seven brands, with $1 billion in annual revenues. “I think we’ll reach $2 billion in five to seven years,” Bidwell said.
In 2010, TZP Group, LLC bought The Dwyer Group from Riverside, which is now buying it back. Dwyer itself had acquired The Grounds Guys, then known as Sunshine Ground Care, that same year. The Dwyer Group changed the name to The Grounds Guys and has expanded the company’s reach throughout North America.