Nuts & Bolts
July 21, 2010
SARASOTA,
FL – June 10, 2010 — Direct Energy, one of North America’s leading integrated
energy and services companies acquired the assets and
business of Clockwork Home Services®, Inc. for US$183 million.
Direct Energy Services and Clockwork Home Services will combine to become the
largest provider of heating and cooling, plumbing, and electrical services to
more than three million households annually in North America. Together, the new
organization, with overall network revenues, including independent franchise
and affinity clients, of almost $4 billion, will leverage its scale and
combined expertise to redefine the customer experience and improve value for
North American homeowners.
“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 percent, with the opportunity to increase our integrated
offerings through new Clockwork franchises,” noted Chris Weston, President and
CEO, Direct Energy.
The combined organization will operate in almost every U.S. state and Canadian
province providing repair and maintenance services to customers’ heating and
cooling systems as well as energy efficiency related services to both homes and
businesses. Clockwork’s strong brands, customer service and industry leading
customer management systems complement Direct Energy Services’ strong
maintenance and service plan product offering and market leadership in Canada.
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 combination of Direct Energy and Clockwork Home Services brings together
two of the strongest and best home services businesses in North America,” said
Eddy Collier, President, Direct Energy Services.
One Hour Heating and Air Conditioning®, Benjamin Franklin Plumbing®, and Mister
Sparky® franchisees and owned operations and Clockwork’s affinity clients
(AirTime 500®, Plumbers’ Success International®, Roofers’ Success
International®, Electricians’ Success International®) will benefit from Direct
Energy’s experience in the home services industry as well as the increased
financial support. “Direct Energy’s five million customer relationships in North America and access to capital markets is critical
to ensure the continued growth and investment in Clockwork’s highly-successful
brands and franchises,” said Jim Abrams, CEO, Clockwork Home Services. “I am
committed to personally ensuring a cornerstone of the combined organization
continues to be helping owned-operations, franchises and affinity clients
rapidly expand their businesses.”
