Main Post Partners Makes a Strategic Growth Investment Into One Of The Largest Franchisee Operators Within Neighborly®
WOODINVILLE, Wash., Feb. 6, 2024 /PRNewswire/ -- Highland Arms Enterprises ("HAE" or the "Company"), one of the largest franchisee operators within Neighborly®, has taken on a strategic growth investment from Main Post Partners ("Main Post"), a leading private equity investment firm with deep experience partnering with multi-location consumer service platforms.
Founded in 2003 by Kevin Spratt, HAE has grown both organically and through acquisitions into one of the largest franchisee operators within the Precision Garage Door Service™ ("Precision") system, operating in 11 markets across Washington, California, Utah, Idaho, and Nevada. The Company has completed two acquisitions over the last four months and, with its new partnership, is actively looking to invest further into additional Precision franchise locations and additional Neighborly brands.
"We are thrilled about our partnership with Main Post. Main Post was the clear choice in a partner due to their expertise in consumer services and successful track record of scaling franchise platforms. Their partnership approach and enthusiasm for scaling best-in-class brands set them apart from other groups. I am confident that, with Main Post, HAE is in an excellent position to seize the numerous growth opportunities ahead," said Kevin Spratt, CEO of Highland Arms Enterprises.
Kevin will remain actively involved in the Company and is currently on the Franchise Advisory Committee for Precision Garage Door Service. The existing management team will continue to lead HAE, including Ashley Owen as President.
"We are very excited to partner with the teams at HAE, Precision Garage Door Service and Neighborly, who have built industry leaders in both garage door repair and within home services. We see a substantial opportunity to support the team to build a premier operating platform within residential services as they accelerate their growth within the Neighborly system," said Aaron Garcia, Partner at Main Post.
With more than 100 locations nationwide, Precision Garage Door Service is the leading residential garage door service franchise. Since being acquired by Neighborly in late 2020, Precision has grown considerably under its ownership. Precision has developed a competitive advantage through its commitment to best-in-class service, superior lead generation, and differentiated labor model.
"This new partnership, along with the investment by Main Post in HAE, validates the strength and growth opportunities of the brand," said Mike Brickner, President of Precision Garage Door Service. "We are fortunate to have owners like Kevin Spratt, who have played a fundamental role with the brand for many years, now carry that to new heights with the support of the team at Main Post."
Jon Shell, the interim Chief Executive Officer at Neighborly, expressed anticipation for the enhanced collaboration with HAE to bolster the growth of Precision Garage Door Service in new and existing markets. He highlighted the significance of the partnership to the growth potential in the residential services market, the robustness of the company's home service brands, and the overall strength of the Neighborly system, acknowledged by discerning investors like Main Post.
Main Post looks forward to continuing to expand its partnership with Neighborly and building a leading multi-brand residential services platform. HAE is actively seeking to acquire other Precision franchises as well as franchises of other Neighborly brands along the West Coast.
Boxwood Partners, a leading boutique middle-market investment bank known for its deep experience with entrepreneur and family-owned businesses, acted as the exclusive sell-side advisor to HAE. Moore & Van Allen served as legal advisor to Main Post. In partnership with ECS Debt Advisory, East West Bank provided debt financing in support of Main Post's acquisition of HAE.
About Main Post Partners
Main Post Partners is a consumer growth equity firm focused on investing in founder-owned, high-growth consumer companies. Main Post invests in both majority and minority positions primarily in first institutional capital situations where founders, entrepreneurs and management teams are looking for an experienced partner to help build their companies to full potential. With a "Partnership, not Ownership" approach, Main Post Partners works closely with a network of successful executives to provide operational and strategic support to its partner companies. For more information, please visit: mainpostpartners.com.
About Precision Garage Door Service™
Precision Garage Door Service™, a Neighborly® company, is the nation's leading residential garage door repair company. Precision Garage Door Service provides consumers with the highest levels of customer service and value for all garage door needs, specializing in garage door repair, new garage door installment, and repair of garage door openers from more than 100 locations in North America. Acquired in 2020, Precision Garage Door Service is part of Neighborly, the world's largest home services company with more than 30 brands and 5,500 franchises in six countries that have collectively served 14 million+ customers by repairing, maintaining, and enhancing their homes and businesses. Through Neighborly.com and the Neighborly mobile app, we connect consumers to local service providers that meet rigorous franchisor standards across 19 service categories. For more information about Precision Door Service, visit PrecisionDoor.net. To learn about franchising opportunities with Neighborly, click here.
About Neighborly®
Neighborly® is the world's largest home services company with more than 30 brands and 5,500 franchises in six countries that have collectively served 14 million+ customers by repairing, maintaining, and enhancing their homes and businesses. Through Neighborly.com and the Neighborly mobile app, we connect consumers to local service providers that meet rigorous franchisor standards across 19 service categories. More information about Neighborly®, and its franchise concepts, is available at Neighborlybrands.com. To learn about franchising opportunities with Neighborly®, click here.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
SOURCE Main Post Partners
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