CHICAGO: Oncourse Home Solutions, a national provider of home infrastructure warranties, announced that it has entered into a definitive agreement to be acquired by Genstar Capital from funds advised by Apax Partners LLP.

The transaction is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals and closing conditions. Financial terms were not disclosed.

Oncourse, founded in 1992, protects critical home infrastructure including water, sewer, gas and electric lines, in-home plumbing, and home systems and appliances. The company serves more than 2 million customers across 48 states through exclusive affinity partnerships and a growing direct-to-consumer channel.

Aaron Cooper, chief executive officer of Oncourse Home Solutions, said the ownership transition reflects the strength of the business and the dedication of its employees.

“We have built a business that puts customers at the center of everything we do, and with Genstar’s experience, resources and commitment to long-term growth, we are well positioned to further elevate the customer experience, deepen the value we deliver to our partners and build on the significant momentum created with Apax,” Cooper said. “I am incredibly proud of what our employees have accomplished at Oncourse, and I want to thank the Apax team for their partnership throughout their ownership. We look forward to beginning this next chapter with Genstar.”

Ashish Karandikar, partner at Apax, said the firm backed a high-quality business in a category with long-term, non-discretionary demand when it carved Oncourse out of American Water in 2021.

“Our work helped turn a utility-owned program into a standalone company with a strong leadership team led by Aaron Cooper, modern technology and claims systems, and, most recently, an investment-grade financing platform,” Karandikar said. “That is what gives Oncourse a durable foundation to grow independently from here.”

Nedu Ottih, also a partner at Apax, said the trust Oncourse has built with its partners and homeowners distinguishes the company.

“Throughout our partnership, the team has added new affinity partners, built a fast-growing direct-to-consumer channel, and established a disciplined acquisition capability, all while maintaining high service standards and staying true to its commitment to customers,” Ottih said. “We are grateful to the management team and everyone at Oncourse for an outstanding partnership, and believe Genstar is the right partner to build on this strong foundation and lead the business through its next phase of growth.”

Ryan Clark, president and managing partner at Genstar, said the firm’s experience investing across the warranty industry gives it conviction that Oncourse is in the early stages of its growth journey.

“Looking ahead, Oncourse is primed to accelerate through new distribution partnerships, expanding homeowner relationships, and strategic acquisitions,” Clark said. “We congratulate Apax, Aaron and the entire team at Oncourse on their success in scaling the company into a leading home protection platform.”

Conor Flemming, principal at Genstar, added that the market for home infrastructure warranties is large and underserved.

“Aaron and his team have earned this position by delivering relentlessly for their partners and the homeowners they serve,” Flemming said. “We are excited to build on their momentum in the next stage of growth.”

Goldman Sachs & Co. LLC and Jefferies served as financial advisors to Apax and Oncourse, and Simpson Thacher & Bartlett LLP served as legal advisor. Evercore served as exclusive financial advisor to Genstar, and Ropes & Gray LLP served as legal advisor.

Oncourse Home Solutions is a leading home protection provider focused on protecting more than 2 million customers from unexpected costs by providing flexible services for home repairs and maintenance across the country. With more than three decades of experience, the company has stayed committed to simplifying the hassles of home care and providing coverage that simply works, giving homeowners peace of mind.

Apax is a global private equity advisory firm investing in mid-market businesses across the technology, services, and internet/consumer sectors. With more than 50 years of private equity experience in operational value creation, Apax has raised and advised funds with aggregate commitments of approximately $80 billion.

Genstar Capital is a private equity firm based in San Francisco that has been actively investing in high-quality companies for over 35 years. The firm currently has approximately $51 billion of assets under management and targets investments in financial services, industrials, healthcare, and software industries.