September 24th, 2019Clearwell Group Completes Successful Recapitalization of Advanced Drying Systems
Clearwell Group is pleased to announce it has partnered with Advanced Drying Systems (“ADS” or the “Company”) to complete a successful recapitalization of the Company. ADS is a leading provider of water damage restoration services in Florida and Louisiana. From its Tampa, Florida headquarters, the Company provides statewide water removal, dehumidification, mold remediation, and other loss mitigation services for homeowners, municipalities, and educational institutions. Clearwell Group financed the transaction in partnership with Plexus Capital and Cadence Bank.
“Casey Weldon built a tremendous business over the last decade that prides itself on quality service, delivered with high integrity. “We are thrilled to work with Casey and the ADS team to continue to grow the business over the years to come.”
said Ryan Cortner, Partner at Clearwell Group.
“I am so proud to have built a company that has helped so many people out of tough situations. I’m equally proud to partner with Clearwell Group. They are very focused on taking care of their employees and customers, which was very important to me as I looked to grow ADS to a higher level, reach more customers, and provide even more services,”
said Casey Weldon, President at ADS.
Mike Becker, Partner at Plexus Capital said,
“Plexus Capital is excited to partner with both Casey and Clearwell Group on the recapitalization of ADS. We look forward to supporting the ADS team as the business continues to grow and provide exceptional experiences for its customers.”
Teresa Stinson, Florida commercial banking executive for Cadence, shared,
“Cadence Bank is excited to support Clearwell Group’s investment in ADS as a Senior Debt Provider. Building off an already strong base, we look forward to furthering their growth in the years to come.”
ABOUT ADVANCED DRYING SYSTEMS
Advanced Drying Systems provides water removal, dehumidification, mold remediation, and other loss mitigation services 24/7 to commercial customers and insurance carriers on behalf of residential customers throughout Florida and Louisiana. The Company’s exceptional service record and reputation in the industry have allowed ADS to become one of the fastest growing and largest non-franchise providers of water removal and dehumidification services in Florida.
ABOUT CLEARWELL GROUP
Clearwell Group is a family office based in Tampa, Florida. The goal of Clearwell Group’s direct investment effort is to build a family of businesses continuing the legacies started by great family entrepreneurs. Our principals have over 40 years of investment experience covering hundreds of individual investments in dozens of industries. We welcome family businesses into our family and are committed to building lasting, well-capitalized, meaningful businesses and brands.
ABOUT PLEXUS CAPITAL
With offices in Charlotte and Raleigh, NC, Plexus Capital invests in middle market, high-growth companies located across the United States. Plexus Capital most often funds growth, acquisitions, leveraged buyouts, management buyouts, and stock repurchase. The firm launched its first fund in 2005. For more information, see www.plexuscap.com.
ABOUT CADENCE BANK
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with $17.4 billion in assets as of March 31, 2019, and 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. Backed by 132 years of financial expertise, Cadence provides corporations, middle-market companies, small businesses, and consumers with a full range of innovative banking and financial solutions.