This acquisition enters Neighborly into an entirely new service vertical and reinforces its position as the hub for home services.
“At Neighborly, we want to be the mainstream home services a homeowner typically needs on a reoccurring basis,” said Mike Bidwell, president and CEO of Neighborly.
“We saw Junk King as another excellent opportunity to expand into a new service vertical with a brand that has a strong reoccurring business model and potential for growth. Junk King is one of a handful of scaled franchised companies operating in the $10bn junk removal market today.”
Co-founder Michael Andreacchi started the company from his garage in San Carlos, California in 2005 and began franchising it in 2010. Today, the customer-centric brand prides itself on its unparalleled service and its goal to keep 60 per cent of all materials it collects out of landfills by repurposing materials and recycling as much as it can.
Junk King’s extra-large trucks – which are 20 per cent bigger than its competitors’ – also work to decrease its carbon footprint while saving customers money at the same time.
“I never would have dreamed that we could grow Junk King into what it has become in the market today,” said Michael. “This is due to the hard work and perseverance of our leadership team and employees, and further reinforced by our franchise owners, who believed in our vision and propelled the brand through their entrepreneurial drive.
“Now, with the opportunity for Junk King to join the largest home services company in the world, there’s no limit to how large this brand can become, and I’m certain this is the right step for the future.”
Lisa Merry, chief operating officer for Junk King, has assumed a new role as brand president. Lisa has extensive experience in franchising with multiple prior leadership roles at Huntington Learning Centers, Coverall Health Based Cleaning and School of Rock.
Michael will remain connected as an investor and brand ambassador while Junk King employees will be eligible to begin vesting into the Neighborly Associate Equity Program.