SBJ Capital Portfolio Company Sydnic Acquires Precision Garage Door Service Franchisees in North Carolina and Virginia
San Francisco Bay Area (California, USA), February 22, 2024 (Newswire.com) - Sydnic, LLC (“Sydnic”), one of the largest franchisees of Precision Garage Door Service™, a Neighborly® company brand (“Precision”), has announced its acquisition of the Precision franchises of Raleigh and Fayetteville, North Carolina, from Tim and Lynn Yeager and the Precision franchises of Virginia Beach and Richmond, Virginia, from Scott and Shauna Kale. With these acquisitions, Sydnic technicians now repair, maintain, and install residential garage doors, openers, and related equipment across 14 markets. SBJ Capital acquired the initial Sydnic platform in October 2023.
“We are thrilled to expand our existing footprint in North Carolina and Virginia,” said Sydnic President Chad Aspinwall. “Sydnic Founder Doug Kale and I have known Tim and Lynn as well as Scott and Shauna for many years, and I have the utmost respect for the businesses they have built and for their teams. I could not be more excited to have them as our partners.”
“We are excited to be joining the Sydnic team,” said Tim Yeager. “We considered a variety of alternatives prior to making our decision, but Sydnic was the like-minded partner that we were searching for who valued our experience and team. We very much appreciate the speed with which they moved and the value they delivered.”
Scott Kale added, “I have known the Sydnic team for decades and have a deep amount of respect for their operations. I am thankful for all the hard work that went into creating this partnership and am excited for the opportunities it creates for my team.”
Tim and Lynn and Scott and Shauna re-invested a portion of their respective ownership into Sydnic, and Tim will serve on the board of Sydnic.
Sydnic is actively seeking to extend its relationship with Neighborly by acquiring other Precision franchises in adjacent markets, as well as franchises of other Neighborly brands in Sydnic’s current and adjacent markets, to create a multi-brand residential services platform.
O’Melveny served as legal advisor to Sydnic and K&L Gates served as legal advisor to both seller groups.
About Sydnic
Sydnic is one of the largest franchisees within the Precision Door Service franchise system and sells, repairs, installs, and maintains residential garage doors, openers, and related equipment. Precision Door Service is a franchise within Neighborly®, the world’s largest home services company. Neighborly has more than 30 brands and 5,000 franchise units collectively serving over 12 million customers in six countries, focused on repairing, maintaining, and enhancing homes.
About SBJ Capital
SBJ Capital is a private investment firm focused on investing in founder and family-owned consumer and services companies. SBJ provides operational resources, strategic advice, domain expertise, and a partnership approach to realize the shared goals of entrepreneurs, owners, and management teams. SBJ was founded by an experienced team of professionals with a track record of growing companies both as principal investors and as operating executives.
Source: SBJ Capital
