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Nov. 15, 2011: Direct Energy to Acquire Home Warranty of America

November 15, 2011
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TORONTO — Direct Energy, parent company of Clockwork Home Services, has reached an agreement to acquire Home Warranty of America (HWA), a leading supplier of whole home protection plans across the United States. With this addition to its Services business, Direct Energy said it will leverage the scale of the HWA business with its own expertise in operating a home protection plan business in Canada, to establish a premier energy and home services offering for residential customers in North America.

Headquartered in Buffalo Grove, Ill., HWA provides whole home warranty services to customers through a national network of real estate agents, insurance professionals, relocation companies, developers, title companies, bankers, home inspectors, and mortgage brokers. With the capability and licenses to operate in all 50 states, HWA offers a comprehensive service delivery network, enterprise software, and call center.

In 2010, Direct Energy Services acquired Florida-based Clockwork Home Services to become one of the largest providers of heating, cooling, plumbing, and electrical services, serving more than three million households annually in North America, the company said. The addition of HWA will complement Clockwork’s existing business, enhancing its ability to offer protection plans to cover this substantial customer base, noted the company. The Clockwork network includes the One Hour Heating and Air Conditioning, Benjamin Franklin Plumbing, and Mister Sparky brands.

“Adding HWA”s capabilities will position Direct Energy to become the first high quality national home services player offering dependable, peace of mind home protection. American homeowners will be able to rest easy knowing their major appliances are covered 24 hours a day,” said Eddy Collier, president of Direct Energy Services. “What’s more, the acquisition of an established nationwide home warranty provider brings infrastructure for significant cross-sell opportunities with our residential energy customer base.”

“Direct Energy’s commitment to providing the most comprehensive, flexible, value-priced services plans, delivering superior in-house customer service, and national footprint make them our ideal partner as we continue to grow our business,” said Marc Roth, president of HWA.

The transaction is subject to regulatory approval and customary closing conditions. It is expected to close during the first quarter of 2012.

For more information about Home Warranty of America, visit www.hwahomewarranty.com. For more information about Direct Energy, visit www.directenergy.com.

Publication date: 11/14/2011

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