Charlotte, NC, Aug. 17, 2022 (GLOBE NEWSWIRE) — NearU Services (“NearU” or the “Company”), a leading founder-led 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 acquisitions and strategic partnerships, and further strengthen its operational capabilities, including additional investments in team members, training and technology. NearU’s founder and CEO, Ashish Achlerkar, and the Company’s existing investor, SkyKnight Capital, LP (“SkyKnight”), will remain shareholders significant along with 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 for its customers, the preferred employer for its team members, the preferred buyer for business owners and the preferred partner for its vendors. . NearU has a disciplined focus on core business practices, including adopting cutting-edge technology, creating in-house training opportunities and a laser focus on fostering a people-centric culture. NearU currently owns and operates 22 legacy, market-leading brands in nine US states
“NearU’s partnership with Freeman Spogli represents a pivotal and exciting moment in the company’s journey,” said Ashish Achlerkar, Founder and CEO of NearU. “Since day one, our team has pursued sustainable enterprise growth: focusing on providing reliable services to our customers, building a long-term career home for our employees, and enriching the lives of our communities. As we looked ahead In 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 those boxes. This partnership, along with the continued commitment from our inaugural and instrumental investor, SkyKnight, will allow us to continue to execute on our vision. With the support of these two culturally connected best-in-class investors, the unwavering support of our members talented team and the continued loyalty of our customers, I am extremely confident that NearU will soon realize its potential to be a long-term industry leader, setting the standards for innovation, culture, training and technology in the trade.
“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 excited to partner 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 focus on sustainable excellence. We are extremely 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 legacy and market-leading brands in nine US states on both the East and West coasts. The company has quickly become the preferred provider, employer and partner of home services for owners looking 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.
About Freeman Spogli
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and managing partnerships 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 a total transaction value of over $27 billion and has completed over 140 additional acquisitions with its portfolio companies. Freeman Spogli is currently making investments out of FS Equity Partners VIII, LP and has offices in Los Angeles and New York. For additional information, please visit www.freemanspogli.com.
About SkyKnight Capital
Founded in 2015, SkyKnight Capital manages over $2.5 billion of private equity on behalf of leading institutional family offices, endowments, foundations and pensions. SkyKnight makes long-term investments in high-quality businesses in non-cyclical growth sectors along with exceptional management teams. More information is available at www.skyknightcapital.com.