Announced
Completed
Financials
Tags
Acquisition
United States
residential plumbing
water heaters
Private
Property Services
Friendly
Completed
Private Equity
Single Bidder
Majority
Synopsis
Apax Partners-backed Authority Brands, a home services franchise platform, completed the acquisition of Clockwork, which provides residential plumbing services, from Centrica, a British multinational energy and services company, for $300m. "The disposal of the Clockwork portfolio is aligned with our intention to drive channel and brand simplification across the Group focusing on our owned channels and is the first part of our £500m divestment programme of non-core assets we announced today alongside our 2018 Preliminary Results. We will continue to drive capital discipline and returns across our portfolio," Iain Conn, Centrica Group Chief Executive.
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