November 03, 2022 // FranchiseMarketingSolutions.com // WACO, TX – Neighborly® announced today its acquisition of Junk King®. This acquisition enters Neighborly into an entirely new service vertical and reinforces its position as the Hub for Home Services™.
“At Neighborly, we want to be the mainstream home services a homeowner typically needs on a reoccurring basis,” said Mike Bidwell, President and CEO of Neighborly. “We saw Junk King as another excellent opportunity to expand into a new service vertical with a brand.”
Co-founder Michael Andreacchi started the company from his garage in San Carlos, California in 2005 and began franchising it in 2010. Today, the customer-centric brand prides itself on its service and its goal to keep 60% of all materials it collects out of landfills by repurposing materials and recycling as much as it can. 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.
“I never would have dreamed that we could grow Junk King into what it has become in the market today,” said Andreacchi. “This is due to the hard work and perseverance of our leadership team and employees.”
Lisa Merry, Chief Operating Officer for Junk King, has assumed a new role as Brand President. Merry has extensive experience in franchising with multiple prior leadership roles at Huntington Learning Centers, Coverall Health-Based Cleaning and School of Rock. Andreacchi will remain connected as an investor and Brand Ambassador for Junk King.
Neighborly recognizes that every associate plays a role in the overall value creation for the company. Junk King employees will be eligible to begin vesting into the Neighborly Associate Equity Program.
Boxwood Partners served as the exclusive sell-side advisor to Junk King for the transaction.
SOURCE Neighborly®
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