New market additions follows significant investment made in franchisee Reliable Residential earlier this year to grow Precision Garage Door Service and other Neighborly brands
NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Franchise Equity Partners (FEP), a private investment firm on a mission to create long-term partnerships with quality franchisees and franchisors, today announced the acquisition of Precision Garage Door Service franchise operations in Orlando and Ocala, Florida. The deal is part of FEP's partnership with management of Reliable Residential HoldCo ("Reliable Residential") announced in October of 2023. Reliable Residential is one of the largest Neighborly franchisees, with existing Precision Garage Door Service operations in Clearwater, FL, Columbus, OH and Oklahoma City, OK. This transaction adds the contiguous Orlando and Ocala markets to Reliable Residential's portfolio, showcasing FEP's commitment to investing in operations throughout Florida.
"The completion of this deal strengthens our relationship with Precision Garage Door Service and aligns with our goal of establishing a robust foothold in the Florida market," said Michael Esposito, Founding Partner of Franchise Equity Partners.
"Our expanded investment in Reliable Residential will help grow their current Precision Garage Door Service platform in markets including Orlando and Ocala. Reliable Residential is poised for further strategic growth and we're excited about the trajectory of our partnership. This is just the beginning and we look forward to future opportunities."
The leading garage door franchise with more than 100 locations nationwide, Precision Garage Door Service was acquired by Neighborly in 2020 and has grown considerably under the home services company's vision. Precision Garage Door Service has a clear competitive advantage due to lead generation, technology, inventory, sales processes, speed to service customers, and the ability to attract talent. FEP will continue helping the brand and its largest franchisee expand further in 2024.
With FEP's support, Precision Garage Door Service can earn market share in growing markets like Orlando and Ocala. These thriving Florida cities feature an expanding population, which presents a lucrative opportunity for home services brands.
"This deal is right on par with our strategy and thesis at the outset," said Carlos Morales, President, Reliable Residential. "We chose FEP as a value-added partner because they understand franchise businesses and the unique challenges and opportunities we face. We've set a solid foundation since partnering in October and look forward to growing our presence across Florida and in other key markets."
The partnership with Reliable Residential and Precision Garage Door Service is just the beginning for FEP in the home services space. The private investment firm has plans to invest in other Neighborly brands and will help the world's largest home services company expand in key markets.
MidCap Financial and HPS provided debt financing to help complete the Orlando and Ocala market transaction. Davis Wright Tremaine LLP served as legal counsel to FEP.
Franchise Equity Partners is a private investment firm specializing in providing capital to franchise businesses and their owners. Its differentiated approach combines extensive corporate finance and operating experience with an initial target portfolio size of $1 billion to enable growth, ownership simplification, succession, and estate planning, among other strategic business opportunities. To learn more about Franchise Equity Partners, please visit www.fep-us.com or follow the firm on LinkedIn.
About Precision Garage Door Service™:
Precision Garage Door Service™, a Neighborly® company, is the nation's leading residential garage door repair company. Precision Garage Door Service™ provides consumers the highest levels of customer service and value for all garage door needs, specializing in garage door repair, new garage door installment, and repair of garage door openers from more than 100 locations in the U.S. Acquired in 2020, Precision Garage Door Service™ is part of Neighborly®, the world's largest home services company with more than 30 brands and 5,000 franchises collectively serving 12 million+ customers in six countries, focused on repairing, maintaining, and enhancing homes and businesses. Neighborly® brands are found at Neighborly.com and through the Neighborly App. For more information about Precision Garage Door Service™, visit PrecisionDoor.net. To learn about franchising opportunities with Neighborly®, click here.
About Neighborly:
Neighborly® is the world's largest home services company with more than 30 brands and 5,000 franchises collectively serving 12 million+ customers in six countries, focused on repairing, maintaining, and enhancing homes and businesses. Through the Neighborly mobile app, Neighborly connects consumers to local service providers that meet rigorous franchisor standards across 18 service categories. More information about Neighborly®, and its franchise concepts, is available at Neighborlybrands.com. To learn about franchising opportunities with Neighborly®, click here.
