Boxwood Partners Advises Junk King® on its Sale to Neighborly®
Transaction Further Reinforces Boxwood’s Position as Trusted Advisor in Franchising
JUPITER, FL – (November 3rd, 2022) – Boxwood Partners, a leading boutique middle-market investment bank, is pleased to announce the sale of Junk King®, a portfolio company of Norwest Venture Partners, to Neighborly®, the world’s largest home services company and a portfolio company of KKR.
Boxwood served as the exclusive sell-side advisor to Junk King on the recent transaction. The transaction was led by Brian Alas (Managing Director), Dan Martinson (Vice President) and Kurtis Brown (Associate). The terms of the deal were not disclosed.
Junk King becomes the third Boxwood client, alongside Dryer Vent Wizard® and ShelfGenie®, to join the Neighborly family of brands in recent years. Neighborly is the world’s largest home services company with more than 30 brands and 5,000 franchises collectively serving 12 million+ customers in six countries.
Founded in 2005, Junk King is the nation’s top-rated junk removal and hauling company with over 150 units and 70 franchisees. The customer-centric brand prides itself on its unparalleled service and sustainability efforts, with the goal of keeping 60% of all materials it collects out of landfills by repurposing and recycling materials. Junk King’s extra-large trucks, which are 20% bigger than its competitors’, also work to decrease its carbon footprint while saving customers money at the same time.
“Boxwood’s track record in residential and commercial services, combined with their knowledge and expertise in franchising, allowed for a curated and efficient process,” said Mike Andreacchi, co-founder of Junk King. “Even more, they helped us find the perfect home in Neighborly. By combining our established system with the resources of Neighborly, we could not be more excited about the future for our franchisees and end consumers.” Sonya Brown, General Partner at Norwest, added “We are excited for the next chapter of Junk King’s growth story and appreciate the guidance of the Boxwood team.”
Alas said it was a strategic transaction for both sides – providing an opportunity for Junk King to leverage additional resources, while introducing an entirely new vertical to the Neighborly marketplace of brands.
“Mike and team built a tremendous brand with Junk King through its customer-centric mentality. During their partnership with Norwest, the Company built the infrastructure to allow for significant organic growth with both residential and commercial customers,” Alas said. “Their new partnership with Neighborly will only further accelerate that growth as Junk King becomes integrated within the Neighborly marketplace.”
Mike Bidwell, President and CEO of Neighborly, added, “Neighborly seeks to fill the typical recurring service needs of homeowners. As an eco-friendly junk removal service, Junk King provides us with an opportunity to expand into a new service vertical. Their growth potential in the $10 billion junk removal market today is exciting. We’re thankful to Boxwood for introducing us to them and helping to create a seamless transaction.”
Will Davisson, Rachel Totten, and David Orner of Goodwin Law and Andrew Beilfuss, Nicholas D’Amico and Stephen Tight of Quarles & Brady served as legal counsel on the transaction.
About Boxwood Partners
Boxwood Partners, LLC is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve. For more information about Boxwood Partners, please visit www.boxwoodpartners.com.
About Neighborly®
Neighborly is the world’s largest home services company with more than 30 brands and 5,000 franchises collectively serving 12 million+ customers in six countries, focused on repairing, maintaining and enhancing homes and businesses. The company operates online platforms that connect consumers to service providers in their local communities that meet their rigorous standards as a franchisor across 18 service categories at Neighborly.com or through the Neighborly App. More information about Neighborly®, and its franchise concepts, is available at Neighborlybrands.com. To learn about franchising opportunities with Neighborly®,click here.
About Junk King®
Founded in 2005, Junk King is the second largest junk removal company in North America with over 150 units and 70 franchisees. In the next five years, Junk King plans to add an additional 125 franchisees and 400 units in key markets throughout North America. Junk King saves consumers time and money by eliminating unwanted clutter quickly and efficiently. Junk King is best known for its professionalism, advanced technology programs and commitment to recycling, repurposing and reusing materials. The brand is currently the highest rated service business in North America with a net promoter score exceeding 90. For more information about Junk King, please visit http://www.junk-king.com/. To inquire about franchise opportunities, visit http://www.junk-king.com/franchising/.
