LONDON, UK: Apax X Fund signed a definitive agreement to acquire American Water Works Company’s Homeowner Services Group (HSG), a leading provider of various warranty protection programs and other home services.
The transaction is expected to close in Q4 2021, subject to customary closing conditions.
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 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.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax, as well as a focused portfolio of debt and equity investments. In July 2019, AGA made a commitment of c.$450m2 to Apax X.