Azalea Capital Invests in  Old Dominion Disaster Restoration, Inc.

GREENVILLE, SC – Azalea Capital is pleased to announce its recent investment in Old Dominion Disaster Restoration, Inc. (“Old Dominion”). Old Dominion operates several franchises of Rainbow Restoration (“Rainbow”) in the State of Virginia including Richmond, Charlottesville, and Harrisonburg/Staunton. Rainbow Restoration, a division of Neighborly® home services, is a leading provider of residential and commercial restoration and cleaning services. Their comprehensive services include water, smoke, and fire damage restoration, mold removal, and full-scale reconstruction.

Established in 2016 by Kari and Aaron Fischer, Old Dominion is known for its trusted, client-focused approach to restoring properties after damage. Having assembled a skilled and dedicated team, the company delivers exceptional workmanship with honesty and empathy. Following the transaction, Aaron Fischer will continue to serve as Old Dominion’s CEO and will retain an ownership interest in the parent company.

Concurrent with this investment, Azalea combined Old Dominion with its existing Rainbow platform investment, Southeastern Restoration Holdings, Inc. which operates Rainbow Restoration franchises in several markets in South Carolina (Greenville, Spartanburg, Columbia, Charleston, Hilton Head, and Myrtle Beach), North Carolina (Asheville), and Georgia (Savannah).

“We are very pleased to be partnering with Azalea Capital and working alongside Reed Mattingly, John Wheeler, and their respective teams,” said Fischer. “Their shared values and commitment to developing our people position us to enhance the level of service we provide our clients and grow our footprint in Virginia. We look forward to preserving the qualities which have earned our Rainbow franchises a strong reputation in the communities we serve.”

The transaction was supported by Southern First Bank, which provided senior debt, and Salem Investment Partners, John Wheeler, and Reed Mattingly who provided equity co-investment alongside Azalea Capital.

For more information, please contact Ed Stein, Director of Business Development at Azalea Capital (estein@azaleacapital.com).

About Azalea Capital 

Azalea Capital is a private investment firm headquartered in Greenville, SC. Azalea partners with entrepreneurs, management teams, and family-owned companies by providing investment capital and operating expertise to enhance the long-term value and growth prospects for each investment. Azalea’s primary focus is to invest in companies located in the Southern and Midwest regions of the U.S., which operate in the Food, Consumer, Ag, Pet, and Industrial markets.

About Salem Investment Partners 

With offices in Charlotte and Greensboro, NC, Salem Investment Partners is an investment firm with over $500 million under management. Specializing in debt and equity investments in privately held, lower middle market businesses, Salem’s principals have completed over 150 investment transactions in companies across a variety of sectors and business cycles.

About Southern First Bank 

Headquartered in Greenville, SC, Southern First is a leading community bank with approximately $4.1 billion in assets. Southern First has been providing financial services since 1999 and operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia.

About Rainbow Restoration®  

Rainbow Restoration, a Neighborly® company, is a global franchise providing residential and commercial restoration and cleaning services. Rainbow Restoration franchise owners offer a broad range of damage restoration services ranging from water, smoke and fire damage to carpet and upholstery cleaning and deodorization from almost 400 locations worldwide. Established in 1981, Rainbow Restoration is part of Neighborly®, a family of global brands focused on being remarkable with consumers and franchise owners with more than 30 brands and 5,500 franchise locations across North America and Europe serving millions of customers. For more information about Rainbow Restoration, visit RainbowRestores.com.