On Monday, Deerfield Beach-primarily based JM Family Enterprises announced a new turn for the 50-year-vintage car service enterprise — the purchase of a domestic offerings agency.
JM Family, certainly one of South Florida’s biggest employers and determine to JM Lexus dealership and Southeast Toyota Distributors, has received Home Franchise Concepts.
The Irvine, Calif.-primarily based corporation gives franchises or licenses to function a business within a particular area. The domestic-service franchises offer custom blinds set up, home company, decorative concrete, water recovery, and mold remediation services. The buying price turned into now not disclosed.
“We’ve been speaking me approximate diversification for years,” Brent Burns, president and CEO of JM Family said in an interview Monday. He stated that the acquisition of Home Franchise Concepts within the multi-billion home development industry became the “right one at the right time. Home Franchise Concepts operates franchises within the U.S., Canada, and Mexico. The business enterprise will remain based totally in Southern California beneath contemporary CEO Shirin Behzadi, Burns stated. The organization employs 143 people.
JM Family bought the business enterprise from a non-public equity fund, Trilantic North America, which had invested in the enterprise in 2015. Burns said that JM Family, which had 2018 revenues of $16.3 billion, up from $15.1 billion a yr earlier, is not riding far away from the car business. “The automobile business has been very good to us. We are excited about the modifications and ameliorations which might be taking place,” he stated. Burns said JM Family’s fulfillment over the years and long-time partnership with Toyota has given it the option of obtaining new companies.