Direct Energy has reached an agreement to
acquire
Clockwork Home Services for $183
million to create North
America’s largest provider of heating & cooling, plumbing and electrical
services to homeowners with operations in almost every U.S. state and Canadian
province.
Direct
Energy, which provides home services under a number of brands, is committed to
and will be investing in Clockwork Home Services’ strong national brands –
One
Hour Heating and Cooling,
Mister Sparky and
Benjamin
Franklin Plumbing. The new organization will also focus on obtaining state, provincial
and federal energy efficiency funding that is widely available to help make
North American homes more energy efficient.
“The
addition of Clockwork Home Services to our Services business helps deliver on
Direct Energy’s growth strategy of being North America’s leading integrated
energy and services company,” noted
Chris Weston, president
and CEO, Direct Energy. “This acquisition will also allow us to increase
the proportion of households that Direct Energy serves where we can offer both
services and energy supply from 30% to 55%, with the opportunity to increase
our integrated offerings through new Clockwork franchises.”
Clockwork Home Services’ operations will continue to be managed out of
Sarasota, FL.
The transaction,
which remains subject to certain customary conditions including approval by
regulators in the U.S. and Clockwork’s shareholders, is expected to be
completed in early Q3 of 2010.
