M&A Deal Summary

KKR and HarbourVest Partners Acquire Neighborly

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

Acquisition Highlights
  • This is KKR’s 1st and HarbourVest Partners’ 1st transaction in the Franchising sector.
  • This is KKR’s 171st and HarbourVest Partners’ 127th transaction in the United States.
  • This is KKR’s 23rd and HarbourVest Partners’ 20th transaction in Texas.

M&A Deal Summary

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

Target

Neighborly

Waco, Texas, United States
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

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other 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 invest in a broad range of industries and companies and will consider businesses throughout 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 and is based in New York, New York.


DEAL STATS #
Overall 400 of 499
Sector: Franchising M&A 1 of 1
Type: Secondary Buyout M&A Deals 81 of 113
State: Texas M&A 23 of 27
Country: United States M&A 171 of 212
Year: 2021 M&A 32 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-05 Highway Concessions One

Mumbai, India

Highway Concessions One is a roads platform. It currently operates a portfolio of national and state highway assets with a total length of 487 kilometers across seven states including Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana. Highway Concessions One was founded in 2010 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-19 ON*NET Fibra Colombia

Bogotá, Colombia

ON*NET Fibra Colombia 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. ON*NET Fibra Colombia is based in Bogotá, Colombia.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
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 211 of 214
Sector: Franchising M&A 1 of 1
Type: Secondary Buyout M&A Deals 54 of 55
State: Texas M&A 20 of 21
Country: United States M&A 127 of 130
Year: 2021 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Perimeter Solutions

Clayton, Missouri, United States

Perimeter Solutions is a manufacturer of firefighting chemicals and lubricant additives. The Fire Safety business includes formulation and manufacturing of fire management products along with services and pre-treatment solutions for managing wildland, military, industrial and municipal fires. Perimeter Solutions was established in 2018 and is based in Clayton, Missouri.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-20 Paycor

Cincinnati, Ohio, United States

Paycor delivers modern, intuitive recruiting, HR, and payroll solutions. The company partners with businesses to optimize the management of their most valuable assets. Paycor’s personalized support and user-friendly technology ensure that key business processes, including recruiting, onboarding, reporting, timekeeping, compliance, and payroll, run smoothly. Paycor was formed in 1990 and is based in Cincinnati, Ohio.

Sell -

Seller(S) 1

SELLER

Harvest Partners

New York, New York, United States

Investor Investor Investor Investor Investor


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

Harvest Partners is a Investment firm provides Private Equity and Structured Capital focused on buyout, growth capital, minority position, and non-control investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA). Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, marketing, building products and distribution companies valued between $100 and $1000 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 31 of 36
Sector: Franchising M&A 2 of 2
Type: Secondary Buyout M&A Deals 16 of 19
State: Texas M&A 6 of 6
Country: United States M&A 27 of 32
Year: 2021 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 Magnit

Folsom, California, United States

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

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

Virginia Beach, Virginia, United States

Fortis Solutions Group is a provider of pressure sensitive labels, flexible packaging, shrink sleeves, folding cartons, and label applicators. Fortis Solutions Group was founded in 1979 and is based in Virginia Beach, Virginia.

Buy -