Boxwood Partners Advises PD Tri-State Holdco, a Franchisee of Neighborly, On its Acquisition by Monogram Capital Partners

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