Franchise Equity Partners invests to grow Neighborly brands
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Franchise Equity Partners invests to grow Neighborly brands

Franchise Equity Partners invests to grow Neighborly brands

Franchise Equity Partners (FEP), a private investment firm, entered into an agreement to acquire Reliable Residential HoldCo, which is the largest franchisee operator within Neighborly, the world’s largest home services company.

As part of the partnership, FEP will focus on growing Precision Garage Door Service and other Neighborly brands. Reliable Residential has operations in Clearwater, Florida, Columbus, Ohio, and Oklahoma City, Oklahoma. FEP plans to expand its presence across select markets within those states as well as other cities throughout the U.S.

“We’re excited to partner with management at Reliable Residential and to work with Neighborly to continue expanding the Precision Garage Door Service franchise,” said Michael Esposito, founding partner of FEP. “This partnership positions us to work alongside the premier franchisor in residential services. We look forward to supporting management and Neighborly as they implement a growth strategy that will help build the presence of Precision Garage Door Service and other Neighborly brands in attractive markets across the U.S.”

Precision Garage Door Service, which has more than 100 locations, was acquired by Neighborly in 2020 and has grown considerably over the past 3 years. FEP plans to help the brand and its largest franchisee expand further.

“A core pillar of our growth strategy is finding the right owners for our brands to grow with us, and we’ve done just that with the team at Franchise Equity Partners,” said Jon Shell, interim CEO, Neighborly. “The investment being made by FEP to acquire our largest franchisee within one of our largest brands reaffirms the strength of our system and growth potential across our entire Neighborly portfolio.”

FEP’s investment in Reliable Residential is the company's eighth since its inception in November 2021, and its first in residential services. The latest investment is consistent with FEP’s differentiated strategy of partnering with quality franchise operators to provide the capital and resources necessary to create scale and maximize efficiency.

“Choosing a value-added partner was critical as we look to expand and provide our services to more customers across the country,” said Carlos Morales, president, Precision Garage Door Service of Tampa Bay. “FEP understands franchise businesses and the unique challenges and opportunities. We’ve set a solid foundation and now look forward to FEP’s partnership with management as we continue to grow the business.”

Tim Miller, an executive with more than 20 years’ experience in franchise services and former chief financial officer of TBC Corporation, will serve as non-executive chairman of Reliable Residential.

Published: October 25th, 2023

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