Monogram Capital Partners Acquires First Fund III Platform with Majority Investment in Precision Door Tri-State
LOS ANGELES, July 23, 2024 /PRNewswire/ -- Monogram Capital Partners ("Monogram"), a Los Angeles-based private equity firm specializing in consumer brands and services companies, is pleased to announce the acquisition of a majority stake in Precision Door Tri-State ("PDS Tri-State," or the "Company"), a leading provider of garage door and opener replacement, repair, and installation services across the Tri-State area. This acquisition marks the first investment out of Monogram's third fund and is emblematic of the firm's broader strategy to be the first institutional partner to family-held businesses – helping shepherd them through their next wave of growth, professionalization and rapid expansion in attractive and resilient consumer end-markets.
Founded in 1999 by Doug and Dennis Bencsko and headquartered in Pompton Plains, NJ, PDS Tri-State was the first franchisee within the Precision system and has cemented itself as one of the leading franchisees within Neighborly's Precision Door Service banner. The Company has achieved significant, highly profitable growth across its territories in NJ, NY and CT, becoming a clear operational and cultural standard-bearer within the network and in the industry at large. With over 20 years in business, PDS Tri-State was established as a family-owned business with a core focus on honesty, reliability, and professionalism, ensuring best-in-class customer service and exceptional performance. Given their roles as thought leaders within the industry, Doug and Dennis will stay on as minority partners in the business.
Commenting on the partnership, Jared Stein, Monogram's Co-Founder and Partner, stated, "We could not be more excited to join PDS Tri-State on their journey. Having spent the last several years developing a thesis around the home, we knew upon meeting Doug, Dennis, and Brandon that they exemplified the type of company we love to partner with – outstanding operators who provide a mission critical service to customers with strong loyalty and incredible customer evangelism. We are excited to join the Neighborly family and look forward to working closely with the PDS Tri-State team to accelerate their growth and capitalize on the immense opportunity ahead."
Brandon Falone, who joined PDS Tri-State as a technician in 2014 and since ascended to the position of President, has played a pivotal role in the Company's growth and will continue to lead the business as CEO in tandem with the existing core management team. "We are thrilled about locking arms with Monogram as our preferred partner given their track record working with closely held businesses and multi-unit platforms alongside the deep operational best practices they bring to bear," said Falone. "Together, we will build upon the strong foundation laid by Doug and Dennis to take the Company to new heights and further amplify our market leading position."
Monogram Capital Partners is dedicated to supporting PDS Tri-State in its mission to provide top-tier home services to consumers across the Northeast US and will look to accelerate growth through both organic initiatives and strategic acquisitions of other like-minded franchisees or independent regional service providers. If you are a home service provider and interested in partnering with PDS Tri-State, please email Michael Li at [email protected].
Tree Line Capital Partners provided debt financing for the transaction. Massumi + Consoli LLP served as legal advisors to Monogram. Boxwood Partners advised on the transaction.
About Monogram Capital Partners:
Headquartered in Los Angeles, CA, Monogram Capital Partners currently manages over $935 million in RAUM, focusing exclusively on investing in leading consumer brands and service providers. With an operationally-oriented mindset, the firm seeks to be the first institutional partner to inspiring founders and family owners alongside strong management teams to help them achieve their full potential, investing up to $75 million of equity per transaction. For more information about Monogram, please visit monogramcapital.com.
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.
About Precision Door Tri-State:
Founded in 1999 by Doug and Dennis Bencsko and headquartered in Pompton Plains, NJ, Precision Door Tri-State is a leading franchisee within Neighborly's Precision Door Service banner, providing garage door replacement, repair, and installation services across the tri-state area. Known for its best-in-class customer service and exceptional performance, the company has grown significantly over its 20-year history.
SOURCE Monogram Capital Partners
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