Neighborly has been purchased from Harvest Partners, with the transaction expected to close in Q3 2021.
Neighborly was founded in 1981 and has a portfolio of 28 brands, covering everything from pest control and plumbing, to cleaning and home inspection. Its franchise network consists of 4,800 franchises in both the U.S. and internationally.
“Today’s milestone is a strong validation of our business-building strategy and differentiated ability to deliver essential home services,” said Mike Bidwell, president and CEO of Neighborly. “We are excited to embark on our next chapter of growth with KKR’s support and global expertise and look forward to continuing to be a partner of choice for both customers and franchise owners in the years to come.”
“In a large and highly fragmented industry, Neighborly stands out for its differentiated strategy of bringing together adjacent services under a diversified and tech-enabled platform, and – most importantly – for its unrivaled dedication to customer service,” said Felix Gernburd, MD at KKR. “We are thrilled to be investing in the Neighborly team as they continue to execute on their mission: enriching people’s lives by delivering amazing experiences.”
“We are pleased to have worked with Mike and his team to continue building the premier residential service provider providing services that consumers need to repair, maintain and enhance their homes,” said Nicholas Romano, partner at Harvest Partners. “Thoughtful investments in technology and human capital have resulted in a platform positioned for accelerated growth in the coming years.”