Global investment firm KKR is buying home services provider and franchiser Neighborly from Harvest Partners. Neighborly is the parent company of The Grounds Guys. Financial details were not disclosed.
Founded in 1981, Neighborly’s platform connects more than 10 million residential and commercial customers with professional services focused on repairing, maintaining and enhancing consumers’ homes and properties. Neighborly said it has built a network of more than 4,800 franchises in the U.S. and internationally.
“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,” Felix Gernburd, managing director at KKR, said.
Cash for the purchase comes from KKR’s North American private equity fund. The transaction is expected to close in Q3 2021, subject to regulatory approvals and other customary closing conditions.
