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Authority Brands, a leading home services franchising platform backed by funds advised by Apax Partners, announced the acquisition of Clockwork, Inc., and certain of its affiliates from Direct Energy Group, a subsidiary of Centrica plc. The transaction is expected to close in the first half of 2019. The acquisition is the third home services add-on for Authority Brands since the company was acquired by funds advised by Apax Partners in September 2018.
Established in 1999, Clockwork delivers critical home services through three leading plumbing, electrical and HVAC providers across the United States. Its household-name brands - Benjamin Franklin Plumbing, Mister Sparky electric, and One Hour Heating & Air Conditioning.
"The addition of the Clockwork group of brands is an important and significant step in the evolution of Authority Brands," said Rob Weddle, CEO of Authority Brands. "All three brands are market-leading franchises within their respective industries and their addition to our portfolio doubles our overall system revenue to over $1 billion. This scale allows us to further strengthen each of our brand's systems and continue down the path of becoming the home services franchisor of choice for both business owners and consumers."
Authority Brands is the parent company to leading home services brands The Cleaning Authority, Homewatch CareGivers, America's Swimming Pool Company and Mosquito Squad which operate across the residential cleaning, at-home care, swimming pool repair and maintenance, and pest control services sectors respectively.