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KKR underwrites branded home-services consolidation at **12x EBITDA**, betting on **240 bps** of margin lift and a **35-deal annual** tuck-in pace in an **83%-fragmented** market.
$2 billion
according to sources familiar with the transaction
180 basis-point premium
to the firm's last four branded-services platform acquisitions
28 states
and employs
4,200 technicians
generating an estimated
KKR will acquire A1 Garage Door Service for approximately $2 billion, according to sources familiar with the transaction. The deal values the company at roughly 12x forward EBITDA, a 180 basis-point premium to the firm's last four branded-services platform acquisitions. A1 operates 340 locations across 28 states and employs 4,200 technicians, generating an estimated $950 million in trailing revenue.
The acquisition marks KKR's ninth platform investment in the home-services vertical since 2019, following rollups in HVAC, plumbing, and electrical. A1's footprint skews toward Sunbelt metros where single-family housing stock averages 32 years old—the precise vintage at which garage-door replacement cycles accelerate. The company completed 87 tuck-in acquisitions over the past four years, paying an average 4.2x EBITDA for independent operators with under $8 million in revenue. That acquisition engine, now institutionalized, will remain under the existing management team led by founder-CEO Michael Murr, who retains a 12% equity stake post-close.
The trade thesis rests on three compounding factors. First, the U.S. garage-door market remains 83% fragmented by revenue, with no operator holding more than 3.2% share. Second, residential investment in home improvements has proven countercyclical during the past two downturns—homeowners who defer moves spend on durability upgrades. Third, A1's average ticket of $1,840 per replacement job sits comfortably below the $3,500 threshold at which financing friction begins to spike. KKR models 18-22% IRRs assuming no multiple expansion, based solely on 240 basis points of annual margin improvement through centralized procurement and a 35-acquisition-per-year tuck-in cadence. The firm has committed $420 million in dry powder for bolt-ons over the next 24 months.
Operators should watch whether KKR seeds adjacency revenue—smart-home integration, annual maintenance contracts, commercial installations—without eroding the core ticket economics. The firm tested subscription revenue in two prior home-services platforms; one succeeded, one unwound after 11 months. Also worth tracking: A1's technician retention, currently 79% at the 18-month mark, which the model assumes stays above 74%. If turnover creeps to industry average (68%), the margin thesis compresses by 110 basis points.
The deal is expected to close in Q2 2025, subject to HSR clearance. KKR is financing the acquisition with $740 million in equity from its Americas Fund XIII, $960 million in term debt at SOFR plus 375, and $300 million in seller rollover. The structure mirrors the firm's 2022 acquisition of One Hour Heating & Air Conditioning, which has since grown EBITDA by 64% and completed 118 add-ons. A1's pipeline includes 29 signed LOIs worth a combined $78 million in revenue, all scheduled to close before year-end.
Branded by POPS4 · proof in 60 seconds
For the principal
If you hold residential real-estate exposure, this signals where institutional capital sees durable replacement-cycle revenue regardless of transaction volume.
For the operator
Watch whether KKR's centralized procurement playbook holds in a business where local supply-chain relationships drive 22% of gross margin.
For the house
We're long $18 million Cornerstone Building Brands debt; A1 buys $140 million annually from them, now backstopped by KKR covenant lite.
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