Trivest Sells HighGround Restoration Group
Trivest Partners LP (“Trivest” or “Firm”), a leading private equity firm specializing in investments in founder and family-owned businesses, has announced the successful sale of its portfolio company, HighGround Restoration Group, Inc. (“HighGround” or “Company”), to Knox Lane. While the specific terms of the sale were not disclosed, the transaction marks a significant milestone for Trivest and highlights its ongoing commitment to helping businesses grow and thrive.
HighGround: A Leading National Restoration Platform
Headquartered in Dallas, Texas, HighGround is a premier national platform providing water damage mitigation and restoration services to homeowners. With a core focus on customer service, responsiveness, and superior results, the company has earned a strong reputation for helping homeowners recover from water damage events with efficiency and care. HighGround’s goal is to return homes to their original state quickly and with high-quality workmanship.
HighGround was initially established in February 2020 through the acquisition of Dry Force, a well-regarded Texas-based leader in water loss mitigation and restoration services. Over time, the company strategically expanded its reach and operational capabilities. In 2022, HighGround launched its new brand to represent its growing national presence, providing the scale and resources necessary to support and enhance local brand execution.
Since its inception, HighGround has grown exponentially. The company has completed 13 add-on acquisitions, significantly increasing its footprint and market influence. During Trivest’s investment period, HighGround’s revenue multiplied by over 12 times, and its workforce expanded from just 68 employees to nearly 700. Currently, the company operates in thirteen states across the United States, solidifying its position as a dominant force in the water damage mitigation and restoration industry.
Trivest’s Strategic Investment Approach
Trivest Managing Partner Forest Wester, who led the HighGround investment, highlighted the firm’s strategic approach to building a strong and sustainable business. “HighGround was an exciting investment for Trivest from the very beginning. Over our five-year investment period, we had the opportunity to bring 14 exceptional family-owned businesses into the HighGround/Trivest family. Each of these acquired companies was a leader in its respective geographic market. By uniting these businesses, we created a unique platform in the water damage mitigation and restoration space.”
He further emphasized the efforts of the HighGround leadership team, stating, “Ben Balsley and his entire team worked tirelessly to integrate these brands seamlessly and create an exceptional business that is now a leader in the industry.”
Trivest’s investment in HighGround exemplifies the firm’s dedication to scaling founder-led and family-owned businesses. The firm employs a long-term value creation strategy called the “Path to 3x,” which played a pivotal role in HighGround’s success. One of the key elements of this strategy involved transforming the company into a “Category of One” by rebranding the entity as HighGround Restoration Group.
This rebranding effort was complemented by the company’s strong commitment to customer service, encapsulated in the unified theme: “We Turn Chaos Into Calm.” This message resonated with customers and partners, reinforcing HighGround’s role as a trusted service provider in the restoration industry.
Building a Strong Management Team
A critical component of HighGround’s success was the firm’s focus on building a top-tier management team. Trivest implemented a “Topgrading” approach to ensure that the rapidly growing company had a leadership team capable of managing its expansion effectively. Under the guidance of CEO Ben Balsley, HighGround assembled an industry-leading management team that played a crucial role in executing the company’s growth strategy.
This high-caliber leadership team was instrumental in successfully integrating numerous acquisitions and driving significant profitability. By combining operational excellence with strategic acquisitions, HighGround experienced remarkable growth, ultimately leading to a successful exit for Trivest.
A Transformative Growth Journey
Reflecting on the company’s journey, CEO Ben Balsley expressed his gratitude for Trivest’s support. “The growth we’ve experienced over the past five years has been nothing short of amazing. This journey has culminated in an exciting new partnership with Knox Lane. We would like to extend our sincere thanks to the entire team at Trivest. From their initial investment in Dry Force through this exit process, they have consistently demonstrated an incredible commitment to investing in our company and our people. Their support has been instrumental in helping HighGround maximize its potential.”
Under Trivest’s ownership, HighGround’s transformation was marked by several key milestones:
- Strategic Acquisitions – The company successfully acquired and integrated 13 additional businesses, strengthening its national footprint and service capabilities.
- Revenue Expansion – HighGround’s revenue saw a remarkable 12x increase, driven by both organic growth and acquisitions.
- Workforce Growth – The company’s employee base grew from 68 to nearly 700, reflecting the increasing demand for its services and the expansion of its operations.
- Brand Evolution – HighGround was rebranded to establish itself as a nationally recognized platform, reinforcing its commitment to excellence in water damage mitigation and restoration services.
- Operational Enhancements – Trivest helped implement best-in-class operational strategies, including customer service optimization, workforce development, and streamlined project execution.
The Future with Knox Lane
As HighGround embarks on its next chapter with Knox Lane, the company is well-positioned to continue its growth trajectory. With a strong foundation built under Trivest’s leadership, HighGround is set to further expand its services, enhance its operational efficiencies, and reach new markets across the United States.
For Trivest, the sale of HighGround marks a significant achievement. It represents not only the first platform investment for Trivest Discovery Fund I but also the first successful exit for the fund. The transaction serves as a testament to Trivest’s ability to identify promising businesses, foster their growth, and ultimately create substantial value for all stakeholders involved.
