Who is the parent company of 360 Painting, LLC?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, Premium Service Brands, LLC, a Delaware limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Guarantor"), absolutely and unconditionally guarantees to assume the duties and obligations of 360 Painting, LLC, a limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement identified in its 2025 Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived. The Guarantor does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.
The Guarantor executes this guarantee in Charlottesville, VA on the 28th day of April, 2025.
Guarantor:
Premium Service Brands, LLC
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 Franchise Disclosure Document, Premium Service Brands, LLC is the parent company of 360 Painting, LLC. This is evidenced by the guarantees of performance issued by Premium Service Brands, LLC, ensuring that 360 Painting fulfills its obligations to franchisees. These guarantees are part of 360 Painting's franchise registration and agreements. Premium Service Brands, LLC, located in Charlottesville, VA, is identified as the Guarantor, promising to uphold the duties and obligations of 360 Painting under the Franchise Agreement.
This arrangement provides a level of security for 360 Painting franchisees. Should 360 Painting fail to meet its obligations, Premium Service Brands, LLC is legally bound to step in and assume those responsibilities. This guarantee remains in effect until all obligations are satisfied or the liability of 360 Painting to its franchisees has been completely discharged. The guarantee is binding on Premium Service Brands, LLC, including its successors and assigns, ensuring long-term accountability.
The guarantee explicitly states that Premium Service Brands, LLC is not discharged from liability even if a franchisee has an outstanding claim against 360 Painting. This underscores the seriousness of the commitment and the protection afforded to franchisees. The presence of such a guarantee can be a significant factor for prospective franchisees, as it mitigates some of the risks associated with investing in a franchise.
Financial statements of Premium Service Brands, LLC are included in the FDD. Specifically, Exhibit B contains the audited consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. This allows potential franchisees to review the financial health of the parent company, which is crucial in assessing the overall stability and reliability of the franchise system.