Direct Energy Sells Ontario Water Heater Business
Direct Energy is selling its Direct Energy-branded home and small commercial services business in Ontario to EnerCare for $550 million (CAD). Direct Energy and EnerCare have jointly served more than one million customers in Ontario for more than 12 years. EnerCare owns the water heater assets, while Direct Energy provides services and manages the customer relationships. This transaction will combine the two parts of the business into a single entity, wholly-owned and managed by EnerCare.
In addition to water heater rentals, the Ontario home and small commercial services business will continue to provide its nearly 1.9 million total customer contracts with plumbing, protection plans, HVAC installs and maintenance, duct cleaning and other services. Under a licensing agreement, EnerCare will continue to use the Direct Energy brand for a 12-month transitional period. The sale is expected to close in 2014.
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