Acquisition from Dominion Energy subsidiary marks significant step forward in meeting company’s growth objectives
Norwalk, CT – HomeServe plc, parent company of HomeServe USA (HomeServe), a leading provider of home repair solutions, today announced that HomeServe USA will acquire the assets of the home repair services business of Dominion Products and Services, Inc. (DPS) from DPS, a wholly owned subsidiary of Dominion Energy, Inc., one of the largest energy and utility companies in the U.S. The transaction also includes a long term agreement with DPS to provide home repair services to residential customers served by utilities affiliated with Dominion Energy.
Based in Richmond, Va., DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies. DPS currently serves the needs of customers served by utilities affiliated with Dominion Energy, as well as for a group of affinity partners composed of investor-owned and municipal utilities.
“This agreement with DPS is another major step forward for HomeServe. It gives us the opportunity to add a significant number of customers, policies and new partner relationships that are complementary to our existing business,” said Tom Rusin, CEO, HomeServe USA. “We have demonstrated over the last few years that we are capable of growing our business both organically and through utility policy book acquisitions. This is largely due to our relentless focus on the customer experience, which we believe is second to none in the home assistance marketplace.”
After the acquisition passes customary regulatory approvals, it is structured to close in two phases, with the portion of the business related to customers served by utilities affiliated with Dominion Energy anticipated to close in December 2017. Then, subject to relevant partner agreements, the remaining portion of the business is anticipated to close before December 15, 2018. After the transaction is successfully completed, HomeServe will have expanded to service 3.6 million customers with 5.8 million repair plans in the continental U.S. and Canada through more than 500 municipal and utility partnerships.
“Dominion Products and Services appreciates the support shown by its employees, partners, and customers over the past two decades as this highly successful business was built. We want our customers and partners to know that the move to HomeServe will be a seamless transition for them and they will be in good hands under HomeServe’s leadership,” said Scot Hathaway, Senior Vice President, Commercial Services. “This is HomeServe’s core business and they have a long and successful track record of building strong partner relationships and providing high quality services to millions of homeowners across the U.S.”
Dominion Energy customers holding DPS service plans will begin receiving information about the transition to HomeServe in the near future. In the meantime, DPS customers can continue to visit www.dominionenergysolutions.com or call toll-free 1-888-216-3718 for information and service assistance. For information on HomeServe, please visit www.HomeServeUSA.com.
About Dominion Products and Services
Dominion Products and Services, Inc. is a full service provider of home protection programs with more than 500,000 customers across the United States offering suite of home protection programs providing financial protection against the costs associated with unexpected home repairs. All contractors are licensed and insured, and all work is guaranteed by DPS. Each year DPS completes more than 52,000 quality home repairs, providing peace-of-mind and exceptional service. Dominion Products and Services, Inc. is a wholly owned subsidiary of Dominion Energy, Inc. and is headquartered in Richmond, VA. More information available at: www.dominionenergysolutions.com.
HomeServe USA Corp. (HomeServe) is a leading provider of home repair solutions serving 3.1 million customers across the US and Canada under the HomeServe, Home Emergency Insurance Solutions, Service Line Warranties of America (SLWA) and Service Line Warranties of Canada (SLWC) names. Since 2003, HomeServe has been protecting homeowners against the expense and inconvenience of water, sewer, electrical, HVAC and other home repair emergencies by providing affordable repair coverage and quality local service. As an A+ rated Better Business Bureau Accredited Business, HomeServe is dedicated to being a customer-focused company supplying best-in-class repair plans and other services to consumers directly and through over 475 leading municipal, utility and association partners. For more information about HomeServe, a 2017 Connecticut Top Workplace winner and recipient of seventeen 2017 Stevie Awards for Sales & Customer Service, please go to www.homeserveusa.com. For information on SLWA visit www.slwofa.com and for SLWC visit www.slwofc.ca. To connect with HomeServe on Twitter and Facebook, please visit www.twitter.com/homeserveusa and www.facebook.com/HomeServeUSA.
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