CONSUMERS ENERGY ANNOUNCES THE SALE OF ITS APPLIANCE SERVICE PLAN BUSINESS TO ONCOURSE HOME SOLUTIONS

News provided by

Feb 05, 2024, 14:00 ET

JACKSON, Mich., Feb. 5, 2024 /PRNewswire/ -- Consumers Energy, a subsidiary of CMS Energy (NYSE: CMS), today announced that it has executed a definitive agreement to sell its internal business unit, the Appliance Service Plan (ASP) to Oncourse Home Solutions. The transaction is expected to close in the first half of 2024, subject to customary closing conditions.

"This announcement to sell our Appliance Service Plan business will allow that team to grow their business in a meaningful way at Oncourse," said Brian Rich, senior vice president of customer experience and technology. "At the same time, this strategic sale will allow Consumers Energy to remain hyper focused on our core business of providing electric and natural gas service to 6.7 million residents in Michigan."

ASP has been the leading provider of appliance protection and related services to homeowners in Michigan for over 35 years. The business provides customers with coverage for repairs and replacement, offering financial protection from unexpected appliance breakdowns. With 24/7 access to representatives to schedule service calls - and priority scheduling for heating and cooling emergencies – the Appliance Service Plan Team sends an experienced local technician right to your door. The transaction is designed to be seamless for current ASP customers and Consumers Energy will continue to provide a defined level of support to the buyer under an ongoing services agreement.

"The Appliance Service Plan and its co-workers have been a critical team within the Consumers Energy family for over 3 decades all while delivering exceptional value to over 150,000 Michigan households," said Lauren Snyder, vice president of customer experience. "The ASP Team has a long history of excellent customer service which will not only be utilized but can grow with the Oncourse Home Solutions Team."

BofA Securities, Inc served as Consumers Energy's financial advisor. Warner Norcross + Judd LLP served as the company's legal advisor.

Consumers Energy is Michigan's largest energy provider, providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.

For more information about Consumers Energy, go to ConsumersEnergy.com.

SOURCE Consumers Energy