Insights & News
ServLine has been sold to HomeServe USA
CHATTANOOGA, Tenn. (February 17, 2020) — FourBridges Capital today announced that Chattanooga-based ServLine has been acquired by HomeServe USA, a leading provider of home repair solutions serving more than 4.2 million customers across the US and Canada.
HomeServe USA is a subsidiary of UK-based HomeServe PLC, a $5.2 billion market cap company traded on the London Stock Exchange. FourBridges negotiated and structured the deal on behalf of ServLine. The Atlanta office of Nelson Mullins Riley and Scarborough served as legal counsel.
Based in Chattanooga, ServLine works with rural water utilities in 18 states through an exclusive affinity partnership with the NRWA and 28 State Rural Water Associations (SRWAs). The company offers a unique leak adjustment product to participating utilities, which can help cover high water bill costs that result from leaking water pipes on a homeowner’s property, as well as a water and sewer service line protection program.
ServLine founders Mark Slater and Gerry Harstine had successfully grown ServLine into a significant player in the water line and leak repair industry when they were approached by Homeserve regarding a potential business relationship. Not knowing whether this relationship would be a joint venture, licensing arrangement, minority investment or outright acquisition, they contacted FourBridges to help them analyze what options were available, how they might be structured and to advise on and negotiate any potential transaction.
“While we knew that Homeserve could be a good business partner, we also knew that we needed experienced advisors to guide us through the process and look after our interests,” Slater said. “The team at FourBridges was extremely helpful in both respects as well as getting the deal closed.”
“It was a pleasure working with Mark and Gerry and helping them reach their personal and financial objectives with this transaction,” said Andy Stockett, Managing Director at FourBridges.