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UPDATE 1-Canada's Enercare to buy Service Experts for $340.8 mln

Published 2016-03-07, 06:07 p/m
© Reuters. UPDATE 1-Canada's Enercare to buy Service Experts for $340.8 mln
ECI
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(Adds details)
March 7 (Reuters) - Canadian home services provider Enercare
Inc ECI.TO said its unit agreed to buy U.S-based SEHAC
Holdings Corp (Service Experts Heating & Air Conditioning) for
$340.8 million, excluding transaction costs, to expand in North
America.
Dallas-based Service Experts, which provides services in 29
U.S. states and three Canadian provinces, is one of North
America's largest heating and air conditioning companies.
Service Experts focuses on service and replacements, getting
about 95 percent of its revenue from these segments, Enercare
said on Monday.
Enercare expects the deal - likely to close in the second
quarter - to add to normalized pro forma distributable cash per
common share by 25 percent in 2016.
The company said it would finance part of the deal with a
C$218 million ($164.1 million) bought deal and the rest through
a committed term loan from unit Enercare Solutions Inc's
existing lenders.
National Bank Financial was financial adviser to Enercare,
and Moelis & Co LLC to Service Experts.
($1 = 1.33 Canadian dollars)

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