HomeServe USA Announces Acquisition of the Service Plan Business of Dominion Products and Services, Inc.
Acquisition from Dominion Energy subsidiary marks significant step
forward in meeting company’s growth objectives
NORWALK, Conn.–(BUSINESS WIRE)–#HomeRepairs–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.
About HomeServe
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.
Contacts
Media:
Dominion Energy
Jen Kostyniuk, 804-771-3176
jen.kostyniuk@dominionenergy.com
or
Financial
Analysts:
Dominion Energy
Steven Ridge, 804-819-2492
Steven.D.Ridge@dominionnenergy.com
or
HomeServe
USA
Myles Meehan, 203-356-4259
Myles.Meehan@homeserveusa.com
or
Hill+Knowlton
Strategies for HomeServe USA
Merrie Leininger, 775-846-0664
homeserve@hkstrategies.com
