Apax-backed Authority Brands buys Clockwork franchise brands for $300 million

What happened. Direct Energy sold Clockwork, Inc. — the franchisor of One Hour Heating & Air Conditioning, Benjamin Franklin Plumbing and Mister Sparky, plus BuyMax, Success Academy and SuccessWare 21 — to Apax Partners-backed Authority Brands for $300 million, unwinding the Sarasota business Direct Energy had bought in 2010. The portfolio comprised over 725 franchise territories and 10 company-owned locations, and the acquisition doubled Authority Brands' system revenue to over $1 billion. Authority Brands CEO Rob Weddle called it 'an important and significant step in the evolution of Authority Brands'; Apax partner Ashish Karandikar said the Clockwork brands 'operate in attractive markets and will bring scale and diversification.' Direct Energy's Bruce Stewart said the sale reflected a goal 'to focus and simplify our channels to customers and to own our own brands.' Announced 21 February 2019 and completed 1 May 2019.