Who is the controlling entity of AB Assetco, the parent company of Benjamin Franklin Plumbing?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
AB Assetco LLC and Subsidiaries ("the Company" or "AB Assetco"), a Delaware limited liability company, is the parent company of a number of franchisors and related businesses operating in the United States. Authority Brands Inc. (the "Parent") is the controlling entity of AB Assetco Authority Brands, Inc. completed a whole business securitization (the "Securitization Transaction") on May 14, 2021 ("Securitization Transaction Date"). The Parent's subsidiaries consist of AB SPE Guarantor LLC and Subsidiaries ("Guarantor"), a direct, wholly-owned subsidiary of the Parent, AB Issuer LLC and Subsidiaries ("Issuer"), a special purpose Delaware limited liability company, which is directly and wholly owned by Guarantor, AB Assetco LLC and Subsidiaries, which is directly and wholly owned by Issuer.
AB Assetco wholly owns the following Special Purpose Entities ("SPE"):
Source: Item 22 — CONTRACTS (FDD pages 87–88)
What This Means (2025 FDD)
According to the 2025 Franchise Disclosure Document, Authority Brands Inc. is the controlling entity of AB Assetco LLC, which is the parent company of Benjamin Franklin Plumbing Franchising SPE LLC. AB Assetco is a Delaware limited liability company. Authority Brands Inc. completed a whole business securitization on May 14, 2021.
Authority Brands Inc. has several subsidiaries, including AB SPE Guarantor LLC and AB Issuer LLC. AB Assetco is directly and wholly owned by AB Issuer LLC. This complex structure is typical for large franchise systems as it helps to manage risk and facilitate financing.
On November 30, 2022, Binford Aggregator LP, indirectly owned by affiliates of Apax Partners Fund X and British Columbia Investment Management Corp, acquired 100% of Villa Aggregator LP, the parent of Authority Brands Inc. This transaction resulted in a change of control. This type of ownership structure and change in ownership is not uncommon in franchising, as private equity firms often invest in franchise systems.