Firm Acquires Precision Garage Door Service Units in Orlando and Ocala, Fla.
Franchise Equity Partners (FEP), a private investment firm that develops long-term partnerships with franchisees and franchisors, has acquired Precision Garage Door Service franchises in Orlando and Ocala, Fla. In late October, FEP had acquired three other Precision Garage Door franchises that operate as Reliable Residential HoldCo; the new franchises will also be part of Reliable Residential HoldCo.
The new Florida acquisitions support FEP’s goal of positioning itself strongly in the Sunshine State, according to a statement released by the investment firm. Population growth in Ocala and Orlando translates to financial opportunity for home services brands such as Precision Garage Door Service. The U.S. home services market was valued at a total of $657 billion in 2022 and growing, according to Angi.com.
How FEP Aids Franchisees
New York-based FEP was co-founded by Michael Esposito, who is co-managing partner of the firm. Esposito previously worked for Goldman Sachs and also has experience as a Jersey Mikes franchisee. His career background will help Esposito and FEP nurture the growth of multi-unit franchisees, the statement said.
Reliable Residential HoldCo, one Neighborly’s largest franchisees, has Precision Garage Door Service operations in Clearwater, Fla.; Columbus, Ohio; and Oklahoma City. “The completion of this deal … aligns with our goal of establishing a robust foothold in the Florida market,” Espositio stated in a news release. The acquisition adds the contiguous Orlando and Ocala markets to Reliable Residential’s portfolio.
“This deal is right on par with our strategy and thesis at the outset,” Carlos Morales, president of Reliable Residential HoldCo, said in the news release. FEP understands “franchise businesses and the unique challenges and opportunities we face,” Morales added. “We look forward to growing our presence across Florida and in other key markets.”
About Precision Garage Door
Precision Garage Door has more than 100 units nationwide. The brand had joined the Neighborly franchise family, which is made up of mostly home services brands, in 2020. In its statement about the Florida deal, FEP said it plans to invest in other Neighborly brands.
Precision Garage Door Service tackles virtually all consumer needs relating to garage doors: repairs, installation of new garage doors, and repair of garage door openers. It is one of Neighborly’s more than two dozen home services brands – and 5,000-plus franchises – that operate in six countries. Its other North American home services brands include Aire Serv, Dryer Vent Wizard, Five Star Painting, Glass Doctor, HouseMaster, Lawn Pride, Molly Maid, Mosquito Joe, Mr. Appliance, Mr. Electric, Mr. Handyman, Mr. Rooter, ProTect Painters, Rainbow International, ShelfGenie and Window Genie.
FEP specializes in investing in franchise businesses and their owners. Its initial target portfolio size of $1 billion will enable growth, ownership simplification, succession and estate planning for its franchise partners.
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