Apax X Fund acquires US warranty provider HSG
By Josh White
Date: Monday 01 Nov 2021
(Sharecast News) - Apax Global Alpha said on Monday that the Apax X Fund, in which it is a limited partner, has signed a definitive agreement to acquire American Water Works Company's Homeowner Services Group (HSG).
The FTSE 250 company described HSG as a "leading provider" of various warranty protection programmes and other home services, with the transaction expected to close in the fourth quarter of 2021, subject to customary closing conditions.
On a look-through basis, AGA is expected to invest about €18m £15.25m) in the company, depending on final closing arrangements.
"Homeowner Services Group's customer-facing brands include American Water Resources and Pivotal Home Solutions, which provide various warranty protection programs and other home services to residential customers across the US," the board said in its statement.
"The Apax funds, in partnership with HSG's leadership team, will look to build on its success to date by driving both organic and inorganic growth, with a particular focus on digital acceleration opportunities.
"The Apax Funds have a strong track-record of investing in 'outsourced sales and marketing', a core Apax Services sub-sector."
At 0843 GMT, shares in Apax Global Alpha were up 0.99% at 215.61p.
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