Neighborly sold to global investment firm
July 9, 2021
July 9, 2021
Private equity firm Harvest Partners, based in New York City, has sold Neighborly to KKR, a global investment firm. Terms were not disclosed.
“Today’s milestone is a strong validation of our business-building strategy and differentiated ability to deliver essential home services,” Mike Bidwell, Neighborly president and CEO, said in a news release. “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.”
Self-described as the “world’s largest provider and franchisor of home service brands” and founded in 1981, Neighborly is a Waco, Texas-based home services platform that connects more than 10 million residential and commercial customers to its portfolio of 28 brands, including Mosquito Joe.
“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,” KKR Managing Director Felix Gernburd said in the news release. “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. Harris Williams is acting as financial advisor to Neighborly, with White & Case acting as a legal advisor on the transaction. The transaction is expected to close in Q3 2021, subject to regulatory approvals and other customary closing conditions.