NearU Services Receives Substantial Investment from SkyKnight Capital to Support Long-Term Growth

SAN FRANCISCO and CHARLOTTE, Jan. 6, 2021 /PRNewswire/ -- SkyKnight Capital, L.P. ("SkyKnight"), an investment firm with a proven track record of partnering with founder-led businesses, announced that it has made a growth investment into NearU Services ("NearU" or the "Company"), a leading home services platform for essential maintenance, repair, and replacement services. NearU Founder and CEO, Ashish Achlerkar, will remain fully invested and continue leading the execution of NearU's unique home services vision and mission, further accelerated by SkyKnight's financial and strategic resources.

Headquartered in Charlotte, North Carolina, NearU is a home services platform for market-leading HVAC, plumbing, and electrical service companies, rooted in operational excellence and shared best practices. NearU's vision is focused on building a people-centric, process-driven, and technology-enabled home services platform. NearU's mission is to bring more access, accountability, transparency, and consistency to the customer experience.

To date, NearU has welcomed six long-standing, highly reputable brands to the platform and now serves customers across North Carolina and South Carolina. Under NearU's leadership, the family of companies will continue operating with their respected local brand names, while benefitting from NearU's capital and resources, including employee training, career development, attractive compensation packages, centralized marketing, next-generation technology, and enhanced customer care.

NearU is poised to rapidly build a network of top contractor brands in the Southeastern United States, with an immediate focus on HVAC and related non-discretionary home services. SkyKnight has committed both capital and strategic resources to help NearU accelerate its acquisition pace and achieve its ambitious growth plans of creating the premier provider of essential home services.

Ashish Achlerkar, NearU's Founder and Chief Executive Officer, said, "We are thrilled to partner with SkyKnight as NearU continues building an employee and customer-focused organization. We chose SkyKnight because of the authenticity of their team as well as their complete alignment with NearU's core values and people-centric approach. SkyKnight is enthusiastic about our vision for the industry and worked expeditiously to complete the investment in an efficient and timely manner. As we look to 2021 and beyond, we are ecstatic to have SkyKnight invest and provide strategic support to help grow NearU's family of market-leading brands through acquisitions and organic initiatives."

"NearU is the premier home services platform in the Carolinas and possesses a differentiated opportunity to become the preferred employer, provider, and acquiror within the mission-critical residential maintenance and repair market," said Jordan Milich of SkyKnight Capital. "Ashish's vision for NearU is perfectly aligned with SkyKnight's investment philosophy of business building with integrity and through embracing digital transformation, and we are eager to work alongside Ashish and team to realize NearU's full potential."

NearU will be the second platform investment from SkyKnight Capital Fund III. Troutman Pepper Hamilton Sanders LLP served as NearU's legal advisor, while Jefferies LLC acted as financial advisor to the Company. SkyKnight was advised by Holland & Knight LLP, Deloitte & Touche LLP, and Duff & Phelps, LLC.

About NearU
NearU is an employee and customer-centric provider of essential home services with a focus on HVAC, plumbing, and electrical services. The company is well-capitalized and seeks to grow organically and by partnering with leading HVAC and other skilled trade contractors. More information is available at www.nearu.services.

About SkyKnight Capital
Founded in 2015, SkyKnight Capital manages over $1.5 billion in private equity capital on behalf of leading institutional family offices, foundations, and endowments. SkyKnight makes long-term investments into high quality businesses in acyclical growth sectors alongside exceptional management teams. More information is available at www.skyknightcapital.com.

Contact:
SkyKnight Capital
Mara Hunt
[email protected]

SOURCE SkyKnight Capital