HomeServe Completes Acquisition Of CET Structures

HomeServe (HSV.L), a home repairs and improvements business, said Wednesday that it has completed the acquisition of CET Structures Ltd., a digitally-enabled home emergency assistance business in the UK, for circa 53 million pounds. The transaction is expected to be modestly enhancing to HomeServe's adjusted earnings per share in the current financial year.

The acquisition has been completed on a debt free, cash free basis, and HomeServe has funded the acquisition through existing debt facilities.

In the financial year to March 2021, CET delivered revenue of 32.3 million pounds and underlying EBITDA of 3.9 million pounds. The business is expected to deliver strong growth in fiscal year 2022 also. It also has a record of growth with 12 percent revenue CAGR in its 2019-21 financial years.

The acquisition of CET is a significant step forward in HomeServe's strategy to broaden its UK business in home assistance cover, HVAC and home emergency assistance, the Connecticut-headquartered American firm said.

CET provides emergency plumbing, heating, and electrics services to home insurance policy holders on behalf of leading consumer brands, via its digital claims handling and job management platform.

On LSE, HomeServe Plc on Monday, had closed at 831.50 pounds per share, a rise of 0.85 percent, compared to its previous close of 824.50 pounds.

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