TORONTO, March 12, 2018 /CNW/ - Enercare Inc. ("Enercare") (TSX: ECI), through Service Experts Heating & Air Conditioning LLC ("Service Experts"), has expanded its reach into several key markets in the first quarter of 2018, with the acquisition of four home services businesses that operate in the Houston, Dallas-Fort Worth and Tampa areas. The Houston and Tampa centers provide Service Experts an entry into two new strategic markets, whereas the Dallas-Fort Worth center provides a significant densification opportunity for the existing business. Houston and Dallas-Fort Worth are the fourth and ninth largest cities by population, respectively, in the United States; Tampa is the second largest city in Florida. Together, these acquisitions add approximately 300 employees and 220 service vehicles, and are a key part of Enercare's United States expansion strategy.
"These transactions are an important step in our strategic growth initiatives and reinforce our leadership position in the North American home services market," said John Macdonald, President and Chief Executive Officer of Enercare. "We are continuing to develop a robust acquisition pipeline, as we introduce our rental model to more Service Experts locations throughout the United States."
On January 4, 2018, Service Experts completed the acquisition of certain assets of CS Newco, LLC and Finch Newco, LLC, which offer residential and commercial HVAC, plumbing and other related services in certain Texas markets. The cash consideration for the acquisition was US $15 million, plus limited assumed warranty and other liabilities.
On March 5, 2018, Service Experts completed the acquisition of certain assets of Midway Services, LLC and MSICORP, LLC, which provide HVAC, plumbing and electrical sales and service, as well as residential interior kitchen, bath and general remodeling in Tampa, Florida. This acquisition complements Service Experts' existing six service centers in Florida. The cash consideration for the acquisition was US $8 million, subject to post-closing adjustments.
In addition to these transactions, on January 16, 2018, Enercare completed the sale of certain assets and liabilities related to its residential HVAC operations in four centers located in Whitby, Scarborough, Brampton and Ottawa to Right Time GTA Inc. for cash consideration of approximately $13 million. The sale of these assets was completed to address Enercare's Ontario market overlap, resulting from the acquisition of Service Experts in May 2016, between the service territory of Service Experts business locations with that of certain Enercare franchisees.
About Enercare Inc.
Enercare is headquartered in Markham, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 4,700 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare, visit enercare.ca.
Subscribe to our email alerts at corporate.enercare.ca/email-alerts to receive our news releases electronically.
SOURCE Enercare Inc.