CHARLOTTE, N.C., Aug. 17, 2022 /PRNewswire/ -- NearU Services ("NearU" or the "Company"), a founder-led premier home services platform company, today announced its partnership with Freeman Spogli & Co. ("Freeman Spogli"), a leading strategic growth investor in the consumer services industry. This partnership will enable NearU to expand into new markets across the United States through strategic acquisitions and partnerships, and to further strengthen its operational capabilities, including making additional investments in its team members, training, and technology. NearU's Founder and CEO, Ashish Achlerkar, and the Company's existing investor, SkyKnight Capital, L.P. ("SkyKnight"), will remain significant shareholders alongside Freeman Spogli. NearU's existing management team will continue to lead the Company as it embarks on its next phase of growth. Specific terms of the transaction were not disclosed.
Founded in 2018 and headquartered in Charlotte, North Carolina, NearU has quickly become a leading multi-regional provider of essential home services, including HVAC, plumbing, and electrical. The Company is revolutionizing the skilled trades industry through its approach to being the preferred service provider to its customers, the preferred employer to its team members, the preferred acquiror to business owners, and the preferred partner to its vendors. NearU has a disciplined focus on core business practices, including the adoption of cutting-edge technology, the build-out of in-house training opportunities, and a laser focus on fostering a people-centric culture. NearU currently owns and operates 22 longstanding, market-leading brands across nine states in the U.S.
"NearU's partnership with Freeman Spogli represents a seminal and thrilling moment in the company's journey," said Ashish Achlerkar, NearU's Founder and CEO. "Since day one, our team has chased sustainable enterprise growth: focusing on providing dependable service to our customers, building a long-term career home for our employees, and enriching the lives of our communities. As we looked ahead to the next phase of our journey, our top priority was to partner with a firm that was culturally aligned with our mission and vision, with a proven track record of building and scaling exceptional companies. Freeman Spogli checked both of these boxes. This partnership—along with continued commitment from our inaugural and instrumental investor, SkyKnight—will allow us to continue executing on our vision. With the backing of these two culturally aligned best-in-class investors, the unwavering support of our talented team members, and the continued loyalty of our customers, I am supremely confident that NearU will soon realize its potential to be the long-term industry leader, setting the standard for innovation, culture, training, and technology in the trades."
"NearU has differentiated itself in the large, attractive, and highly fragmented home services market through its purpose, mission and approach to customers, employees, vendors and acquired companies," said Jordan Hathaway, Partner at Freeman Spogli. "We are beyond excited to be partnering with Ashish, the high-caliber management team at NearU, and SkyKnight to accelerate growth in the Company's existing footprint as well as in new geographies."
"NearU has always been about one thing: revolutionizing the skilled trades through improving technician compensation, training, and technology," said Jordan Milich, Partner at SkyKnight. "It has been our honor to support Ashish and his team in building a business with purpose and focused on sustained excellence. We are incredibly proud to continue our partnership with NearU as it enters its next phase of growth."
Jefferies served as exclusive financial advisor and Troutman Pepper Hamilton Sanders LLP served as legal advisor to NearU and SkyKnight. Solomon Partners served as financial advisor and Morgan Lewis & Bockius LLP served as legal advisor to Freeman Spogli. Carlyle Global Credit and Churchill Asset Management led the debt financing to support the transaction with participation from Jefferies Credit Partners and Varagon Capital Partners.
Founded in 2018 and headquartered in Charlotte, North Carolina, NearU is an employee- and customer-centric provider of essential home services with a focus on HVAC, plumbing, and electrical services. NearU's brand portfolio has grown to include 22 longstanding and market-leading brands across nine states in the U.S. on both the East and West Coasts. The Company has quickly become the preferred home services provider, employer, and partner to owners seeking to transition their businesses. NearU is well-capitalized and seeks to grow organically and through partnerships with leading HVAC, plumbing, electrical, and other skilled trade contractors. For more information, please visit www.nearu-services.com.
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $5.5 billion in 69 portfolio companies with an aggregate transaction value of over $27 billion and has completed over 140 add-on acquisitions with its portfolio companies. Freeman Spogli is currently making investments from FS Equity Partners VIII, L.P. and has offices in Los Angeles and New York. For additional information, please visit www.freemanspogli.com.
Founded in 2015, SkyKnight Capital manages over $2.5 billion in private equity capital on behalf of leading institutional family offices, foundations, endowments, and pensions. SkyKnight makes long-term investments into high quality businesses in acyclical growth sectors alongside exceptional management teams. More information is available at www.skyknightcapital.com.
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