A DOMESTIC repair company headquartered in Walsall has completed the acquisition of a service contract in the USA.
HomeServe, which specialises in home emergency insurance and repairs, has secured the service contract business from National Grid Energy Services.
The firm said today that the net consideration paid was £9.7m, with a gross consideration of £18.9m which was reduced by net liabilities of £9.2m.
HomeServe USA chief executive Jonathan King said: “We are delighted to have completed this acquisition and look forward to working with our new colleagues and customers.
“The 340,000 policies acquired as part of the acquisition takes our policy base to over 1.1m and firmly establishes HomeServe USA as the leading provider of home emergency solutions to US customers.”
HomeServe saw a 13% growth in operating profit last year together with a 21% rise in revenue driven by an expansion of the business and in April signed a five-year deal with Southern California Gas Co.
It is also the new shirt sponsor of West Bromwich Albion FC upon the club’s return to the Premier League which starts this weekend having announced a one-year deal in June.
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