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 MLi@monogramcapital.com.
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.
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SOURCE Monogram Capital Partners