you're reading...

Cornelius News

Griffins buy building for ZoomUp HQ

Sept. 26. That mysterious, but good-looking building with the awesome cars at the corner of Liverpool and Sefton Park has been sold to members of the Griffin family who will use it as a home base for ZoomUp.

ZoomUp is a new business venture that focuses on acquiring businesses in traditional lines of work—a plumbing or HVAC company, for example—and growing them with a young entrepreneur at the helm.

The Griffins, who sold Griffin Tire to an Alabama company before it was sold to Mavis Discount Tire, bought the building from Dick Johnson, the retired CEO of Huntersville-based American Tire Distributors. He used the building to store a collection of exotic cars and hosted parties for non-profits as well as an office away from home.

The price tag was $1.55 million. The building was originally a daycare center and pre-school.

The Griffins are typically focusing on blue-collar businesses that don’t focus on new construction. These existing businesses, with an excellent reputation, have a track record of superior customer service.

Mike Griffin says these companies can come in any shape or size but they aren’t franchises. ZoomUp is a reverse search fund where the young and entrepreneurial newly installed CEO isn’t afraid to get his or her hands dirty in an old-school kind of industry.

The companies that are in the ZoomUp portfolio include Viva Electric, Restoration Services, Roland Black Heating & Cooling and Roof King.

Griffin defines a “Zoomer” as the 25- to 35-year-old entrepreneur who will run the show. A college degree is not a requirement.

“Zoomers that join us will have the opportunity to own the majority of the company over a seven-year timeline,” Griffin says.