HOUSTON — Direct Energy completed the $300 million sale of Clockwork Inc. and certain of its affiliates to Authority Brands.
Direct Energy acquired Clockwork in 2010 for $183 million.
“This sale reflects a company goal to simplify our channels to customers,” said Bruce Stewart, president of Direct Energy Home North America. “We remain focused on offering multiple home services to our customers, continuing to deliver growth for Direct Energy through both energy and home services, and expanding our home protection plans and home warranty offers.”
“Clockwork has been a good business for Centrica since its acquisition in 2010,” said Sarwjit Sambhi, chief executive, Centrica Consumer. “The sale of the Clockwork portfolio is aligned with our intention to drive channel and brand rationalization across the Group, with a continued focus on efficiency, effectiveness, quality, and simplification. I am pleased we have found a good home in Authority Brands and wish the Clockwork business and its franchisees the best for the future.”
Publication date: 5/9/2019