Deal is expected to close in Q3 2021
Private equity investor KKR has revealed plans to purchase Neighborly, a provider and franchisor of home service brands, from Harvest Partners.
Founded in 1981, Neighborly has 28 brands under its umbrella and a network of over 4,800 franchises in the US and internationally. The company offers a wide array of professional home services such as plumbing, restoration, electrical, home inspection, and more through its platform.
“Today’s milestone is a strong validation of our business-building strategy and differentiated ability to deliver essential home services,” Neighborly president and CEO Mike Bidwell said. “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, 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.”
Financial details of the deal, which is expected to close in the third quarter of 2021, were not disclosed. However, KKR said it is making the investment from its $18.5 billion North American private equity fund.