New Harbor Launches Home Services Platform

New Harbor Launches Home Services Platform

New Harbor Capital has made a majority investment in Fix-It 24/7, a residential home services provider.

Fix-It provides non-discretionary home maintenance, repair, and replacement services, for HVAC, electrical, and plumbing systems. The company, led by CEO George Donaldson, exclusively serves the residential home segment and its current service territory is the greater Denver Metropolitan area.

“From the first encounter it was obvious our organizations shared similar values as well as a growth-oriented mindset,” said Mr. Donaldson. “New Harbor’s depth of experience working with owner-operators, their track record of successfully accelerating growth, and their focus on building quality businesses were critical factors in our evaluation, and we are excited to have them as our partner.”

“We’re extremely excited to be partnering with George Donaldson and the team at Fix-It,” said Ed Lhee, a partner at New Harbor Capital. “George and the team have created a culture of excellence, and we are excited to support them with investments in technology, infrastructure, and strategic acquisitions to further accelerate the company’s growth.”

Chicago-based New Harbor invests from $10 million to $40 million of equity in companies that have from $3 million to $15 million of EBITDA. Sectors of interest include growth-oriented business services companies with an emphasis on the healthcare and education industries. New Harbor was co-founded in February 2013 by Tom Formolo and Ed Lhee, long-time partners at CHS Capital, and have completed over 200 investments since 2000.

Private Equity Professional | June 12, 2020

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