Carlos Morales will oversee operations under the Reliable Residential banner.
Staff Report
Franchise Equity Partners (FEP) announced that it has a new chief executive officer.
The private investment firm reported that it has promoted Carlos Morales to CEO. In his new role, Morales will oversee operations across all brands under Reliable Residential. FEP partners with franchisees and franchisors and last year marked significant growth for the firm in the home services sector.
Through a partnership with Reliable Residential HoldCo (Reliable Residential), FEP expanded its footprint by acquiring multiple Precision Garage Door Service franchise operations in Orlando, Ocala, and Jacksonville, Florida, as well as Tulsa, Oklahoma. FEP also extended its reach into the plumbing sector with Mr. Rooter and broadened its garage door service portfolio with the purchase of Smokey’s Garage Door in Phoenix.
Acquired in 1990, Mr. Rooter is part of Neighborly, the world’s largest home services company with more than 30 brands and 5,000 franchises collectively. Neighborly is the world’s largest home services company with more than 30 brands and 5,000 franchises.
“Our expanded investment in Reliable Residential strengthens our footprint in Florida and aligns with our strategy to support high-performing operators in the home services space,” said Mike Esposito, co-founder and managing partner of FEP
About a year ago, FEP successfully built out and began the expansion of Precision Garage Door Service operations in Tulsa, Oklahoma, solidifying its mark in the Midwest. This move complements Reliable Residential’s existing presence in Oklahoma City, allowing the company to deepen market saturation in the market.
“Tulsa is an important market for us as we continue growing our Precision Garage Door Service platform,” Morales said. “FEP’s investment allows us to scale efficiently while maintaining the high level of service our customers expect.”
FEP said that its acquisitions reinforce its dedication to strengthening its partnerships with Neighborly and its industry-leading brands. The private equity firm noted that its plans to continue adding to its portfolio in key markets.
For more information about Franchise Equity Partners, visit fep-us.com.
