Direct Energy to Acquire Water Heater Rental and Protection Plan Business
Purchase gives company about 14,000 new home services customers in Massachusetts and New Hampshire
SARASOTA, Fla. — Direct Energy®, one of North America’s leading energy, commercial retail energy, and energy-related services providers, announced it has entered into an agreement to acquire all the assets of an appliance rental company based in the northeast United States for $4.5 million.
This purchase gives Direct Energy approximately 14,000 new home services customers in Massachusetts and New Hampshire, who rent water heaters, have protection plans, or rent their HVAC equipment. Direct Energy said this acquisition fits well into its portfolio as one of North America’s largest providers of HVAC, plumbing, and electrical home services. Direct Energy also operates a full service rental company specializing in the rental of water heaters, offers protection plans through the Home Comfort Collection™, and also offers HVAC leasing through the brand One Hour Heating & Air Conditioning®.
Scott Boose, president of Direct Energy Services, said, “When we heard of this opportunity, we saw a natural fit for continued expansion of our existing businesses. This aligns with our goal to grow and expand our rental, protection plan, leasing programs, and our national network of trusted contractors. We are confident customers will be well taken care of as they become part of the Direct Energy family.” Direct Energy currently has nearly 5 million customers and operates throughout North America.
Direct Energy expects to finalize the purchase by mid-summer and customers will be notified. No regulatory approvals are required for this transaction.
For more information, visit www.directenergy.com.
Publication date: 7/6/2015