Reliance Comfort LP, a portfolio company of U.S. private equity firm Alinda Capital Partners, has closed its previously announced acquisition of National Energy Corp, which operates under the name National Home Services. The purchase price was $505 million. The seller in the transaction was Just Energy Group Inc (TSX, NYSE: JE). Reliance, a Toronto-based provider of heating, ventilation and air conditioning equipment, said the deal will help expand its product offering to new customers and strengthen services to existing customers. In July, the company sold Reliance Protectron Inc, a monitored security services business, to ADT Corp for $555 million.
PRESS RELEASE
Reliance closes acquisition of National Home Services
TORONTO, Nov. 24, 2014 /CNW/ – Reliance Comfort Limited Partnership (Reliance) is pleased to announce that today it has closed the purchase of National Home Services (NHS).
Sean O’Brien, President and CEO of Reliance stated, “This is good news for consumers. This merger will create a more competitive business that allows us to expand our product offering to new customers, continue to build our culture of excellence and strengthen our customer service especially in the GTA and Quebec with National’s complementary portfolio.”
Reliance Home Comfort sells and rents heating, ventilation, air conditioners (HVAC) equipment, primarily in Ontario and western Canada. National Home Services will complement Reliance’s existing portfolio while creating opportunities for Reliance to strengthen its customer service offering and expand its product offering to National’s current customers — and potential new customers — across a wider Canadian geographic footprint. Over the past six years, National Home Services has built a meaningful customer portfolio primarily based in Ontario and Quebec.
About Reliance
Reliance is the destination of choice for Canadians seeking warmth in the winter, cool in the summer and an endless supply of hot water. Reliance is a Canadian company with its head office in Toronto and employing approximately 1,200 people. Reliance provides retail sale, rental, service and maintenance of heating, ventilation and air conditioning equipment to its over 1.6 million residential and commercial customers. Visit www.reliancehomecomfort to learn more.
SOURCE Reliance Home Comfort
For further information: Brent Artemchuk?, Director, Marketing Communications, (416) 499-8654, bartemchuk@reliancecomfort.com
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