Boxwood Successfully Completes its
8th Residential Services Franchisee Transaction
JUPITER,
Fla., July 26, 2024 /PRNewswire/ -- Boxwood
Partners is pleased to announce the sale of PD Tri-State Holdco,
LLC ("PDS Tri-State" or the "Company"), a leading franchisee within
Precision Garage Door Service ("PDS"), a Neighborly®
company, to Monogram Capital Partners ("Monogram"), a consumer and
services focused private equity firm based out of Los Angeles, California.
Boxwood Partners, a leading boutique
middle-market investment bank, functioned as the exclusive
sell-side advisor to Tri-State on the transaction. The transaction
was led by Brian Alas (Managing
Director), Madison Day (Vice
President), John Atkinson
(Associate) and Drew Asadorian
(Analyst). The terms of the deal were not disclosed.
The PDS Tri-State transaction marks Boxwood's
eighth residential services franchisee transaction and sixth within
the Neighborly system over the last year. In addition, this marks
the sixth private equity fund or institutional investor to join the
Neighborly family.
"This is a great outcome for the Bencsko family.
Monogram is a very experienced investor within franchising, and we
are excited to follow the partnership given the resources they can
bring to help the Company," said Brian
Alas, Managing Director at Boxwood.
PDS Tri-State, based in Pompton Plains, NJ, was the first franchised
location sold within the PDS system in 1999. Owned by brothers,
Doug and Dennis Bencsko, the Company operates multiple
territories in the greater New
York metropolitan area, including Northern New Jersey, Long Island, Westchester, Fairfield, and Hudson
Valley.
"Boxwood worked diligently to help us through the
process and offered valuable advice and market intelligence every
step of the way," said Doug Bencsko.
"We are thrilled to have found the optimal partner for the Company
and management in Monogram."
Monogram brings extensive experience scaling
multi-unit businesses through both organic growth and M&A, most
recently demonstrated through their experience in the Planet
Fitness system, where they more than quadrupled the unit count of a
leading franchisee in four years.
Jared Stein,
Co-Founder & Partner added, "Doug, Dennis, and Brandon have
built an exemplary organization and culture that will serve as the
foundation for our ambitious expansion efforts within the
Neighborly system. We are thrilled to have added this leading
business to our portfolio after having a long-held thesis around
the garage door repair industry and the attractive tailwinds
underlying this space over the last couple of years. When we had
heard towards the end of last year that the Bencskos would be
looking for capital partners, we jumped at the opportunity. We were
fortunate to have a strong relationship with the Boxwood team early
on, which proved to be instrumental in getting this deal done
expeditiously."
"We are excited for Doug, Dennis, and Brandon as
they embark on the next wave of growth," added Madison Day, Vice President of Boxwood. "The
PDS Tri-State platform has established itself as a best-in-class
operation that will serve as a critical foundation to drive further
profitability and growth as they pursue strategic initiatives with
Monogram."
Brian Myeroff and
Bryan DaCanal of Forvis served as
the accounting advisor to Tri-State while Rochelle Friedman-Walk and Marshall Kobrin functioned as legal counsel for
the transaction. Massumi and Consoli, LLP and PwC served as legal
counsel and financial & tax advisors, respectively, to
Monogram.
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 Monogram Capital Partners
Based in Los Angeles, Monogram
was founded in 2014 by Jared Stein
and Oliver Nordlinger to focus
exclusively on investing behind outstanding founders and management
teams in the lower middle market and currently has over
$935 million of RAUM (regulatory
assets under management). They are long-term, patient investors
with significant industry experience, having invested more than
$1.7 billion of private equity
capital in over 70 transactions. Examples of bulge bracket
investments include Union Square Hospitality Group / Shake Shack,
Savers, Coldwater Creek, Eddie
Bauer, Activision Blizzard, DSW, and 99 Cents Only Stores, among others. Investments
on the Monogram platform include leading multi-unit businesses such
as Planet Fitness and DIG as well as consumer-facing services and
business services platforms such as Western's Smokehouse, Prime
Matter Labs, and Mountaintop Beverage. Some of the firm's other
consumer investments include Chewy.com, Olipop, Country Archer, and
Vive Organic. For more information, please visit
monogramcapital.com, or follow Monogram Capital Partners on
LinkedIn.
About Precision Garage Door Service™
Precision Garage Door Service™, a
Neighborly® company, is the nation's leading residential
garage door repair company. Precision Garage Door
Service™ provides consumers the highest levels of
customer service and value for all garage door needs, specializing
in garage door repair, new garage door installment, and repair of
garage door openers from more than 100 locations in the U.S.
Acquired in 2020, Precision Garage Door Service™ is part
of Neighborly®, 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.
Neighborly® brands are found at Neighborly.com and
through the Neighborly App. For more information about Precision
Garage Door Service™, visit PrecisionDoor.net.
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SOURCE Boxwood Partners LLC