M&A Deal Summary

HarbourVest Partners and KKR Acquires Neighborly

On July 8, 2021, private equity firms HarbourVest Partners and KKR acquired franchising company Neighborly from Harvest Partners Structured Capital and Harvest Partners

Acquisition Highlights
  • This is HarbourVest Partners’ 1st and KKR’s 1st transaction in the Franchising sector.
  • This is HarbourVest Partners’ 125th and KKR’s 161st transaction in the United States.
  • This is HarbourVest Partners’ 19th and KKR’s 19th transaction in Texas.

M&A Deal Summary

Date 2021-07-08
Target Neighborly
Sector Franchising
Buyer(s) HarbourVest Partners
KKR
Sellers(s) Harvest Partners Structured Capital
Harvest Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)
White & Case LLP (Legal)

Target

Neighborly

Waco, Texas, United States
website
The Dwyer Group's corporate headquarters in Waco, Texas.
The Dwyer Group's corporate headquarters in Waco, Texas.
Neighborly is a home services franchisor of 25 service brands (including Neighborly umbrella service brand) and more than 4,000 franchise owners serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. Neighborly was founded in 1981 and is based in Waco, Texas.

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Buyer(S) 2

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 214 of 222
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 53 of 54
State (Texas) 19 of 20
Country (United States) 125 of 131
Year (2021) 6 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Nets

Ballerup, Denmark

Nets is a payments processing utility for the Nordics region. Nets connects banks, businesses, public sector organizations, merchants and consumers through an international network facilitating digital payments. Nets was founded in 1968 and is based in Ballerup, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-23 Outbrain

New York, New York, United States

Outbrain is a content recommendation engine, reaching a highly engaged audience through distribution on top publisher sites, including USA Today, iVillage, PC Magazine, Chicago Tribune, Newsweek, The Daily Beast and Slate. The company provides publishers a service for recommended links to increase traffic and generate revenue, and marketers a way to distribute content alongside the publisher's own editorial recommendations. Outbrain was formed in 2006 and is based in New York, New York.

Sell -
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 376 of 399
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 83 of 91
State (Texas) 19 of 20
Country (United States) 161 of 171
Year (2021) 21 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-22 Education Perfect

Dunedin, New Zealand

Education Perfect offers a world-class set of tools for learning, revision, and assessment, enabling 21st-century practices for school years 5 to 12, across all subject areas. With offices in Australia, New Zealand, Singapore, and Dubai, and is already used by 1 million+ students, 50,000+ teachers, in 3,000+ schools across 50+ countries, EP is uniquely positioned to be the complete digital teaching and learning toolkit for teachers and parents globally. Education Perfect is based in Dunedin, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-19 Telefónica Colombia

Colombia

Telefónica Colombia is one of the biggest drivers of the digital economy in the country that operates under the trademark Movistar, is mainly focused on the businesses of mobile communications and connectivity, broadband services, fiber optics to the home, paid television, fixed-line communications, and a complete range of digital solutions for small, medium, and large companies and corporations.

Buy -

Seller(S) 2

SELLER

Harvest Partners Structured Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2014
SizeLarge
Type Sector Agnostic
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 5 of 7
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Texas) 1 of 1
Country (United States) 4 of 6
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 PRO Unlimited

San Francisco, California, United States

PRO Unlimited is a provider of contingent workforce management solutions through a managed services program (“MSP”) and cloud-based vendor management software (“VMS”). PRO Unlimited was founded in 1991 and is based in San Francisco, California

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 ReSource Pro

New York, New York, United States

ReSource Pro is a provider of outsourced business process management solutions within the property & casualty insurance market. The Company provides administrative services across the insurance policy lifecycle for brokers, managed general agents, carriers and third-party administrators.

Buy -
SELLER

Harvest Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 28 of 28
Sector (Franchising) 2 of 2
Type (Secondary Buyout) 15 of 15
State (Texas) 6 of 6
Country (United States) 25 of 25
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 PRO Unlimited

San Francisco, California, United States

PRO Unlimited is a provider of contingent workforce management solutions through a managed services program (“MSP”) and cloud-based vendor management software (“VMS”). PRO Unlimited was founded in 1991 and is based in San Francisco, California

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-15 Fortis Solutions Group

Merced, California, United States

Fortis Solutions Group provides a differentiated approach by giving customers a powerful advantage in the marketplace through industry-leading lead times, quality control, color management, and solution-oriented approaches. The company delivers a breadth of product offerings utilizing outstanding flexographic, letterpress, offset, and digital printing capabilities. These offerings include pressure-sensitive and shrink sleeve labels, multi-ply coupon, and flexible packaging printing, extended booklet printing, pouches, folding cartons, label applicators, and variable data printing. Formed in 2010, Fortis Solutions Group was and is headquartered in Virginia Beach, VA, and also has manufacturing and sales offices in Austin, TX; Catoosa, OK; Ellington, CT; Flowery Branch, GA; High Point, NC; Kansas City, MO; Lewisville, TX; Marietta, GA; Memphis, TN; Merced, CA; Napa, CA; Orem, UT; West Chester, OH; Whitefish, MT; and Wixom, MI.

Buy -