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NearU Services Acquires R.A. Hoy Heating and Air Conditioning, Continuing its Expansion of Essential Home Services Throughout the Carolinas.

NearU Services ("NearU"), a founder-led premier home services platform in the Southeast, today announced the acquisition of R.A. Hoy Heating and Air Conditioning ("Hoy" or "Company"), the largest HVAC services provider along the North Carolina coast. This acquisition broadens NearU's presence in the Carolinas and establishes a strong local foothold in the Outer Banks. R.A. Hoy is the fifth company that NearU welcomed into its family in the last 12 months. With the strategic partnership between NearU and SkyKnight Capital, NearU has significant capital available to accelerate growth and continue building the premier provider of essential home services.

"Hoy has been a proven leader in the Outer Banks market for over four decades. The Company has an established track record in serving thousands of residential and light commercial customers for their HVAC service needs, including providing them valuable annual maintenance services. The co-owners, Bob Hoy, and Doug Wakeley have built an outstanding organization, and NearU warmly welcomes the entire Hoy team to our family. We look forward to bringing more technology, training, and processes to the Company to further empower its very talented team," said Ashish Achlerkar, NearU's Founder, President and CEO.

"Over the last four decades, we have trained and instilled in our team the ability to change with the market conditions and have consistently delivered top-notch service to our valued customers. Our employee retention rate is outstanding, and we are very proud of the team culture we have built. NearU's unique vision for the industry and their proven track record gives us high confidence that they are the best partner to take our hard work and legacy to greater heights. We will continue to be the biggest champions of NearU's efforts to enhance the customer and employee experience both at Hoy and in the home services industry," said Bob Hoy and Doug Wakeley, Co-owners of the Company.

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Under NearU's ownership, the Hoy team will operate under the reputed local brand of R.A. Hoy Heating and Air Conditioning. The Company will continue to seamlessly serve customers under the existing management team led by Doug Wakeley and Jayden Chutskoff. NearU's operations team has a well-defined value creation plan for Hoy and is guided by industry veterans. Doug Wilson, a Vice Chair at NearU, said, "I am thrilled to welcome Hoy to the NearU family. I have been personally acquainted with the owners for over four decades and have watched them build their company into the finest HVAC contractor in their market. I look forward to NearU's very bright future with this great company."

NearU completed the acquisition of R.A. Hoy in December 2020 on the heels of its previously announced investment from SkyKnight Capital. NearU is well capitalized and is actively seeking other long-standing, highly reputable brands to join the growing NearU family.

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

About R.A. Hoy Heating and Air Conditioning:
R.A. Hoy Heating and Air Conditioning, an Outer Banks-based company, provides recurring maintenance, repair, and installation services for HVAC equipment. The Company was formed in 1979 and became a part of NearU HVAC Services in December 2020. More information is available at www.rahoy.com.

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.


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