Retail Supplier Affiliate Sells Home Protection, Service Plan Business

HomeServe plc, parent company of HomeServe USA (HomeServe), today announced that HomeServe USA will acquire the assets of the home repair services business of Dominion Products and Services, Inc. (DPS) from DPS, a wholly owned subsidiary of Dominion Energy, Inc.,

The transaction also includes a long term agreement with DPS to provide home repair services to residential customers served by utilities affiliated with Dominion Energy.

Dominion Products and Services offers a variety of home protection programs addressing water/sewer lines and plumbing, gas lines, electricity lines, appliances, HVAC repair, water heater repair, and related services

DPS currently serves customers served by utilities affiliated with Dominion Energy, as well as for a group of affinity partners composed of investor-owned and municipal utilities.

After the acquisition passes customary regulatory approvals, it is structured to close in two phases, with the portion of the business related to customers served by utilities affiliated with Dominion Energy anticipated to close in December 2017. Then, subject to relevant partner agreements, the remaining portion of the business is anticipated to close before December 15, 2018. After the transaction is successfully completed, HomeServe will have expanded to service 3.6 million customers with 5.8 million repair plans in the continental U.S. and Canada through more than 500 municipal and utility partnerships.

In a news release, Dominion Products and Services, Inc. is described as a full service provider of home protection programs with more than 500,000 "customers". Dominion's earnings presentations list Dominion Products and Services has having an average of over 1 million "accounts".