KKR to Acquire Home Services Platform Neighborly®July 12th, 2021 by Editor
Global investment firm KKR has announced that it has agreed to acquire Neighborly®, a provider and franchisor of home service brands, from Harvest Partners. Glass Doctor, a glass replacement, service and repair provider, is a subsidiary of Neighborly. Financial details of the transaction were not disclosed.
Founded in 1981, Neighborly has a portfolio of 28 brands, offering plumbing, pest control, restoration, electrical, cleaning, HVAC, home inspection and more. The company has built a network of more than 4,800 franchises both in the U.S. and internationally. Mike Bidwell, president and CEO, welcomes the acquisition.
“Today’s milestone is a strong validation of our business-building strategy and differentiated ability to deliver essential home services. 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,” says Bidwell.
“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,” says Felix Gernburd, managing director 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.”
KKR is making the investment in Neighborly from its North American private equity fund. The transaction is expected to close in Q3 2021, subject to regulatory approvals and other customary closing conditions.