Boxwood Partners Advises on the Sale and Merger of Leading Multi-Brand Franchise Operators to Prospect Partners
Leading M&A Advisory Firm Completes Its 11th Residential Service Franchisee Transaction and Third Residential Trades Transaction in the Past Two Years
JUPITER, Fla. (July 1, 2025) - Boxwood Partners, a leading boutique investment bank, is pleased to announce the successful merger and sale of multiple Neighborly® franchise operations to Prospect Partners, a Chicago-based private equity firm. The transaction brings together Pinkerton's Electrical Service, LLC, Major Mechanical Operations, LLC, AS-1 LLC, and other affiliated entities to form a newly scaled, multi-brand residential home services platform primarily operating the Mr. Electric, Aire Serv, and other Neighborly brands to be named as Complete Home Services.
This transaction marks Boxwood's 11th residential services franchisee transaction and its third residential trades transaction in the past two years. Known for its deep experience with founder- and family-led franchise businesses, Boxwood acted as the exclusive sell-side advisor to two separate ownership groups. The transaction was led by Brian Alas (Managing Director), Madison Day (Director), John Atkinson (Vice President), and Jerry Annunziata (Analyst).
"This transaction brings together two of the most established and respected franchisees in their respective systems, creating a uniquely concentrated platform across Alabama, Tennessee, and Kentucky," said Brian Alas, Managing Director at Boxwood Partners. "Keith, Lee, and Scott have each built dominant footprints in their markets, and this new partnership is positioned for meaningful scale and continued expansion. We're proud to have advised this exceptional team on a transformative milestone with Prospect."
The merger combines operations across five Neighborly brands allowing service to over a dozen territories in Alabama, Tennessee, and Kentucky. Together, the new platform delivers high-quality electrical, HVAC, and other essential home services to residential and light commercial customers across the Southern Heartland.
Keith Pinkerton, founder of Pinkerton's Electrical Service, brings a dominant presence across Alabama and Tennessee with Mr. Electric locations in Huntsville, Birmingham, Montgomery, Chattanooga, and Murfreesboro.
"After the growth I've had in the industry, I was looking for the right way to take our business to the next level," said Pinkerton. "This partnership allows us to keep serving our customers with the same local commitment while expanding our reach alongside operators I deeply respect."
Lee Downing, owner of Major Mechanical Operations, LLC and multiple Neighborly franchise brands, operates a multi-brand enterprise across Greater Memphis, Murfreesboro, and Louisville, including Aire Serv, Glass Doctor, Molly Maid, and Five Star Painting. He joins the platform alongside Scott Taylor, who owns Aire Serv locations in Huntsville, Birmingham, and Louisville under AS-1 LLC and related entities.
"There's a shared mindset among all of us: build trusted teams, run efficient operations, and never lose focus on the customer," said Downing. "Bringing that energy together under one platform is a game-changer, and I'm excited for what comes next."
Prospect Partners sees the transaction as a springboard for scaling a high-performing, multi-brand franchise operation.
"Complete Home Services brings together three of the best operators we've seen in residential trades," said Brad O'Dell, Partner at Prospect Partners. "We look forward to helping this team scale their impact while continuing to deliver the high-quality service their communities expect."
Boxwood Partners continues to strengthen its role as a trusted advisor to both franchisors and franchisees, successfully facilitating numerous buy-side and sell-side transactions across the franchise industry, including home services, wellness, home care, and more. To learn more about Boxwood Partners, please visit www.boxwoodpartners.com.
Forvis Mazars provided accounting advisory services and Lathrop GPM served as legal counsel to the sellers. DLA Piper served as legal counsel to Prospect Partners. Terms of the deal were not disclosed.
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 essential 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 5,500 franchises collectively serving 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. To learn about franchising opportunities with Neighborly, click here.
About Prospect Partners
Founded in 1998, Prospect Partners is an active investor and builder of pre-middle market companies. Prospect focuses on partnering with management teams to complete recapitalizations, build-ups, carve-outs, and generational transitions. The Prospect team brings deep domain expertise, building high potential companies through both operational improvements and acquisitions. For more information, please visit www.prospect-partners.com.