Clockwork Home Services, Inc.
HVAC / Plumbing / Electrical · Sarasota, Sarasota County · Founded 1999 by Jim Abrams
About the company
Sarasota-based franchisor and business-coaching group that owned the One Hour Heating & Air Conditioning, Benjamin Franklin Plumbing and Mister Sparky electrical franchise brands, plus the AirTime 500, Plumbers' Success International and Electricians' Success International contractor coaching programs and the BuyMax purchasing group. It franchised residential HVAC, plumbing and electrical service businesses nationally from its Sarasota headquarters, and is the single most consequential Tampa Bay-headquartered home-services company of the period.
Ownership history
What changed after the sale
Sold twice inside the window. Direct Energy (Centrica plc) bought Clockwork on 2010-06-10 for $183 million; Clockwork CEO Jim Abrams told the trade press at the time that 'Capital was the great constraint for us going forward.' Direct Energy then divested the franchise business to Apax Partners-backed Authority Brands, announced 2019-02-21 and completed 2019-05-01 for $300 million; at that point the portfolio comprised over 725 franchise territories and 10 company-owned locations, and the deal doubled Authority Brands' system revenue to over $1 billion. Direct Energy said the sale reflected a goal 'to focus and simplify our channels to customers and to own our own brands.' Authority Brands is headquartered in Columbia, Maryland; the Sarasota headquarters function did not survive the second sale intact.
Only sourced observations are listed. Customers and employees can add what they saw.
Who really profits
Money paid to Clockwork Home Services, Inc. now flows to Authority Brands (Columbia, MD), and from there to its investors — Apax Partners, British Columbia Investment Management Corporation (BCI) — whose funds are ultimately owed returns by their limited partners. Apax Partners-backed home-services franchisor platform. Its February 2019 purchase of the Clockwork brands — Benjamin Franklin Plumbing, Mister Sparky Electric and One Hour Heating & Air Conditioning — was, in CEO Rob Weddle's words, 'an important and significant step in the evolution of Authority Brands,' doubling system revenue to over $1 billion. Apax partner Ashish Karandikar said the Clockwork brands 'operate in attractive markets and will bring scale and diversification.' The platform franchises rather than owning most operating locations, so its Tampa Bay presence runs through One Hour, Benjamin Franklin and Mister Sparky franchisees.
Capital events at the platform level: 2018-10-01 recap — Funds advised by Apax Partners acquire Authority Brands. Month-level date.; 2022-09-01 recap — BCI leads a significant investment in Authority Brands. Month-level date from the PR Newswire release ID.; 2019-02-21 acquisition — Announced acquisition of Clockwork, Inc. from Direct Energy, doubling system revenue to over $1 billion; 2019-05-01 acquisition — Closed the Clockwork purchase at $300 million; 725+ franchise territories and 10 company-owned locations.
Read more: why prices rise after a sale · debt, exits and the 5-year clock.
Frequently asked
Who owns Clockwork Home Services, Inc.?
Clockwork Home Services, Inc. is owned by Authority Brands, a private-equity platform headquartered in Columbia, MD, whose capital has come from Apax Partners and British Columbia Investment Management Corporation (BCI). The sale was announced February 21, 2019; the company still operates under its original name.
Is Clockwork Home Services, Inc. private equity owned?
Yes. Clockwork Home Services, Inc. is part of Authority Brands, which is backed by Apax Partners and British Columbia Investment Management Corporation (BCI). See the buyer profile for the capital structure.
Is Clockwork Home Services, Inc. locally owned?
Not in the sense most homeowners mean. Control sits with Authority Brands in Columbia, MD, although the local brand name is still used.
When was Clockwork Home Services, Inc. sold?
February 21, 2019 (announcement date). There have been 2 ownership events; see the timeline above.
Did Clockwork Home Services, Inc. change its name after the sale?
No. Keeping the acquired brand name is standard practice for platforms; it preserves customer trust and reviews while ownership changes behind it.
Sources Verified — primary document
- ACHR News (2010-06-10) — trade press. Confirms Sarasota HQ, $183M price, brand list, Abrams and Collier quotes
- Centrica plc (2010-06-10) — press release. Acquirer parent company announcement
- PR Newswire / Authority Brands (2019-02-21) — press release. Announcement of Apax-backed Authority Brands acquisition
- PR Newswire / Direct Energy (2019-05-01) — press release. Completion, $300M price, 725 territories
- Centrica plc (2010-07-01) — press release. Completion
- Plumbing & Mechanical (2010-06-10) — trade press. Independent trade coverage
- ACHR News (2019-07-01) — trade press. Trade coverage
- phcppros (2019-02-21) — trade press. Independent trade coverage of the announcement
Researcher notes: Sarasota HQ is documented in the 2010 ACHR News report. By the 2019 sale the press releases give Direct Energy's Houston address rather than Sarasota, so the degree of Sarasota operations remaining in 2019 should be re-verified against Sunbiz filings.
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