KKR To Buy Home Services Platform Neighborly; Terms Not Disclosed

Global investment firm, KKR & Co. Inc. (KKR) Thursday said it has agreed to acquire Neighborly, a provider and franchisor of home service brands, from Harvest Partners. Financial details of the transaction were not disclosed.

The acquisition is expected to close in the third quarter, subject to regulatory approvals and other customary closing conditions.

Neighborly is a home services platform that connects more than 10 million residential and commercial customers through a portfolio of 28 brands. These include plumbing, pest control, restoration, electrical, cleaning, HVAC, home inspection and many more. It has a network of more than 4,800 franchises both in the U.S. and internationally.

KKR said it is making the investment in Neighborly from its North American private equity fund.

In the deal, Harris Williams is acting as financial advisor to Neighborly, with White & Case acting as a legal advisor.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Velvet Ice Cream recalled certain lots of its 56 oz Raspberry Fudge Cordial Ice Cream for potentially containing undeclared peanuts, the U.S. Food and Drug Administration or FDA said in a statement. The recall was initiated after it was notified of the issue by a single customer and has since learned that the cause of the error has been traced to a third-party manufacturer packaging error. Willard, Ohio-based Buurma Farms Inc. is recalling 320 boxes of its Plain Parsley citing possible contamination with Shiga-toxin producing E.coli, the U.S. Food and Drug Administration said. The recall involves Buurma Plain (flat leaf) Parsley with a harvest date of August 30, 2021 from their Gregory, Michigan location. Molson Coors Beverage Co. is bringing Topo Chico Hard Seltzer, the sparkling mineral water, across the United States starting January 2022. The company will officially expand the distribution of the product, which was launched last spring in nine states and seven metro areas, to all 50 states. Molson Coors is manufacturing, marketing and distributing Topo Chico Hard Seltzer in the U.S.
Follow RTT