Grindstone Restoration, LLC & Grindstone Abatement, LLC to acquire ServiceMaster Restoration by Desert Dry, LLC. & Desert Dry, LLC.
Phoenix, Arizona: November 4, 2019 – The Grindstone family of companies today announced the signing of definitive documentation to wholly own ServiceMaster Restoration by Desert Dry & Desert Dry, two companies focusing in insurance remediation & asbestos abatement in Phoenix, Arizona. Grindstone will acquire its stake from the founders and brothers, Cobey and Chris Hendren.
The acquisition brings together the Desert Dry companies’ best-in-class service, industry knowledge, and customer care with the Grindstone team’s experience in high-growth sectors to create long-term value.
“Desert Dry and Desert Dry Restoration have become leaders in the Phoenix market and have a reputation for being a great company with great people,” said Jon Bohnert, Managing Director of Grindstone. “We are thrilled to continue the Desert Dry tradition of excellence that Cobey and Chris Hendren worked so hard to establish the last seventeen years. We look forward to building on their legacy.”
”One of the biggest joys in my life has been growing Desert Dry and Desert Dry Remediation into a significant company that serves our customers, partners and employees with excellence. It has been my privilege to have built something worth building -- a company that has become a valuable contributor to our community. We are very pleased to pass the reins of the company to another family team, Jon and Dan Bohnert.” said Cobey Hedren, founder and owner of ServiceMaster Restoration by Desert Dry & Desert Dry.
Desert Dry and ServiceMaster Restoration by Desert Dry were advised by IBG Fox & Fin Financial Group, LC and Gust Rosenfeld P.L.C. Grindstone was advised by Fintrepid Solutions and Dolasinski Miller Martin p.c.
About Grindstone
Grindstone Restoration & Abatement are two companies formed to acquire the Hendren’s businesses, and were created by the search fund, Grindstone Associates. The fund was formed to own and operate enduringly profitable and growing B2B companies in defensive industries. The group’s goal is to provide a smooth and comfortable transition period for the previous ownership.
Further information is available at https://www.grindstoneassociates.com/.
About Desert Dry & Desert Dry Restoration
Formed in 2002, Desert Dry has developed into a Top Performer in Arizona providing insurance restoration services. After working as an insurance adjuster for several years, Cobey Hendren founded Desert Dry Restoration, LLC in 2002. Desert Dry prospered through every recession, and in 2013, Memphis-based franchisor ServiceMaster approached Desert Dry to convert into a franchisee to increase their footprint into Maricopa County. In order to separate the asbestos remediation work, in which ServiceMaster does not engage, Desert Dry, LLC was created in 2013. The consolidated entities of Desert Dry has continued its steady growth through 2019.
MEDIA CONTACTS:
Grindstone Companies:
Dan Bohnert
480-331-6254
dan.bohnert@grindstoneassociates.com
Desert Dry Companies:
Cobey Hendren
602-765-6162
cobey@smbydesertdry.com