Peter Cozzi, Investment Team Lead at Unity Partners [Photo: Unity Partners ]

Dallas-based private equity firm Unity Partners has completed a strategic investment in Canada-based The Byng Group, a provider of end-to-end unit turnover services to institutional owners and managers of multifamily properties and senior living facilities.

“This is a marketplace that has traditionally been served by independent contractors, but Byng’s fully integrated, end-to-end service offering and outstanding leadership team have established a strong position and are gaining share in the sector,” Peter Cozzi, Investment Team lead at Unity Partners, said in a statement. “We look forward to pursuing further organic growth initiatives and strategic M&A opportunities as we aim to scale efficiently in pursuit of our shared vision.”

Terms of the deal were not disclosed. CEO Scott Bunker will continue leading the business along with the existing Byng leadership team.

Headquartered in Toronto, Canada, with operations throughout Ontario and the Mid-Atlantic region of the U.S., Byng’s services range from unit turnover jobs to repair & maintenance to larger scale renovations, ensuring that properties and units remain in optimal condition.

Growth, market momentum, and employee ownership

Turnover jobs include a mix of flooring, painting, cabinets, countertops, drywall, plumbing, and electrical services, Byng said.

The company’s asset-lite, vendor-managed service model, supported by proprietary technology, simplifies the challenges that landlords face including scoping units, sourcing materials, hiring trades, and maintaining high-quality service, all with a tight timeframe to minimize vacancy. With more than 50 years of experience, Byng’s industry knowledge allows the company to swiftly navigate complexities and prevent major obstacles that often arise throughout the turnover process, Unity said.

“We’re delighted to be partnering with Unity, whose operational insights will be essential to our growth and the enhancement of our offering,” Bunker said. “As we remain focused on providing a seamless client experience by implementing our services in a timely and cost-effective manner, we’re confident that our partnership with Unity will help us accelerate our trajectory.”

With annual apartment turnover rates in the U.S. ranging from 20-50%, Byng is benefiting from strong market momentum as it continues its expansion in the U.S.

Unity Partners said that employee ownership is built into each of its platform investments, and Byng will be launching an Employee Purpose Plan, a program that allows employees to share in the firm’s financial success and capital events.

“We’re excited to support the business and collaborate alongside Byng’s passionate and hard-working team on several value acceleration initiatives,” Anna Fraser, Propel Team vice president at Unity Partners, said in a statement. “The Employee Purpose plan ensures that the entire team has the opportunity to benefit from Byng’s growth.”

Kirkland & Ellis LLP was legal advisor to Unity Partners while Pricewaterhouse Coopers LLP served as financial advisor.

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