Neighborly, Waco’s former Dwyer Group, changes hands again
WACO, Texas (KWTX) – Neighborly, Waco’s former Dwyer Group, a 40-year-old company that has grown into one of the world’s largest parent companies of home service brands, is changing hands again.
The global investment firm KKR announced Thursday that is has agreed to acquire the company, renamed Neighborly in September 2018, from Harvest Partners, the New York-based private equity firm that acquired the company in June 2018.
Financial details of the transaction were not disclosed.
“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 in a press release announcing the deal.
“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.”
The transaction should close in the third quarter of the year subject to regulatory approvals and other conditions.
“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.
“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.”
The company, launched as Rainbow International in 1981 in Waco by Don Dwyer, Sr., has grown into a leading home services franchisor with 28 brands and more than 4,800 franchises providing more than 10 million customers in nine countries with a list of services including plumbing, pest control, restoration, electrical, cleaning, HVAC, and home inspection.
Harvest Partners assumed majority ownership of the company from The Riverside Company, which invested in the Waco-based company twice, taking Dwyer private in 2003 and then reacquiring the firm in 2014.
Copyright 2021 KWTX. All rights reserved.