Retail Supplier Parent To Sell HVAC/Water Heater Business

ONEnergy Inc., the parent of retail supplier Sunwave Gas & Power, said in announcing earnings that it has designated its Home Comfort business as being held for sale and as a discontinued operation within its financial statements.

"With the Corporation’s growing success in U.S. energy retailing and Energy Efficiency’s focus on the commercial customer market segment, Home Comfort was determined to be non-core to these other business lines," ONEnergy said

Home Comfort owns and operates a portfolio of furnaces, air conditioners, boilers and ancillary equipment (HVAC) and water heaters, which are rented to residential customers in Ontario and Alberta, under long-term water heater and HVAC rental programs. In addition, Home Comfort sells and installs HVAC and water heaters directly to residential customers. Since mid-2015, Home Comfort has focused principally on the Ontario new home construction market.

ONEnergy said that Home Comfort, "has been operating in a highly competitive environment which has seen its major competitors consolidate, making it difficult for management to derive real growth and profitability from the segment."

ONEnergy formally commenced the process to sell Home Comfort in December 2015. The disposal of Home Comfort is due to be completed within the next 12 months.