Direct Energy to Acquire Water Heater Rental and Protection Plan Business

Purchase gives leading home services provider additional assets and customers.

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Jun 29, 2015, 08:30 ET

SARASOTA, Fla., June 29, 2015 /PRNewswire/ -- Direct Energy^®, one of North America's leading energy, commercial retail energy and energy related services providers, has entered an agreement to acquire all the assets of an appliance rental company based in the Northeast United States for $4.5 million.

This purchase gives Direct Energy approximately 14,000 new home services customers in Massachusetts and New Hampshire, who rent water heaters, have protection plans or rent their heating, ventilation and air conditioning (HVAC) equipment. This acquisition fits well into Direct Energy's portfolio. Direct Energy is one of North America's largest providers of HVAC, plumbing and electrical home services. Direct Energy also operates a full service rental company, specializing in the rental of water heaters, offers protection plans through the Home Comfort Collection™, and also offers HVAC leasing through the brand of One Hour Heating & Air Conditioning^®.

Scott Boose, President of Direct Energy Services, said, "When we heard of this opportunity, we saw a natural fit for continued expansion of our existing businesses. This aligns with our goal to grow and expand our rental, protection plan, leasing programs and our national network of trusted contractors. We are confident customers will be well taken care of as they become part of the Direct Energy family." Direct Energy currently has nearly five million customers and operates throughout North America.

Direct Energy expects to finalize the purchase by mid-summer and customers will be notified. No regulatory approvals are required for this transaction.

Direct Energy

Direct Energy is one of North America's largest energy and energy-related services providers with nearly five million customers. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE:CNA), one of the world's leading integrated energy companies, Direct Energy operates in 46 U.S. states plus the District of Columbia and 10 provinces in Canada.

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SOURCE Direct Energy