Neighborly, a home services platform based in Waco, is being acquired by global investment firm KKR.
The business formerly known as the Dwyer Group, located at 1010 University Parks Drive, began in 1981 with only one brand.
“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. "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 now holds 28 brands and serves 10 million home and property owners with professional services from plumbing and pest control to home inspections and more.
“Today’s milestone is a strong validation of our business-building strategy and differentiated ability to deliver essential home services," said Mike Bidwell, President and CEO of Neighborly®. "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 is expected to close in Q3 2021 with KKR making the investment from its North American private equity fund, according to Business Wire.