Direct Energy has agreed to buy AWHR America’s Water Heater Rentals LLC for USD30m (EUR22.7m) in cash, plus working capital.
AWHR provides water heater rentals, repair and maintenance to 80,000 residential customers mainly in the US Midwest, Florida and the Northeast. Direct Energy, on the other hand, has some 1.1 million water heater rentals customers in Ontario.
The purchase price is US $375 per RCE. We have not seen any earnings or revenue disclosure yet on AWHR, which is a private company.