Direct Energy Acquires Clockwork Home Services
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.
Source: Direct Energy