Coleville Partners announced that an affiliate has acquired The Powderhorn Agency (“Powderhorn” or the “Company”) from Accretive Insurance Solutions. Coleville Partners is also pleased to announce the appointment of Nick Alexander as President of Powderhorn.
Headquartered in Brookfield, Connecticut, Powderhorn is a leading administrator of residential warranty and protection programs for oil tanks and septic systems. The Company has been serving this end market for over 25 years with its ‘ProGuard’ and ‘Pro-Sept’ product offerings. Both programs are the only in the market that are backed by an AM Best A+ rated (superior) carrier.
Mr. Alexander is an accomplished senior executive with a track record of success in the home warranty industry in the UK and US. He began his career at Deloitte in the UK, and joined HomeServe in 2005. He was part of the executive team that helped steer HomeServe USA from a 60-person fledgling organization through 20-fold growth in ten years to be the market leader. At HomeServe USA he held the positions of Chief Financial Officer, Senior VP of Strategy, and Executive VP of Business Operations. More recently, Mr. Alexander served time as Executive Consultant to Sears Home Services and Aquarion Water Company.
Michael Feeney, Managing Member, Coleville Partners, said, “We are thrilled to acquire Powderhorn, an incredible residential service contract business that serves a niche market which values comprehensive risk protection solutions for homeowners. Powderhorn pioneered the residential tank protection program more than 25 years ago and has maintained its position as the pre-eminent marketer, distributor and administrator of fully underwritten tank service contracts in the United States. As an independent company under Coleville Partners’ ownership, and led by Nick Alexander and the current management team, Powderhorn can build on its deep experience and heritage in residential tanks to achieve operational excellence and growth in the years ahead. We’re looking forward to working closely with our distribution partners, oil dealers and energy associations to help them offer their customers and members the risk protection solutions they need.”
Mr. Alexander added, “I have spent two decades in warranty and upon discussions with Coleville Partners, it was clear that Powderhorn represented a rare thing – a warranty business that had worked out how to sell service contracts that cover the consequences of a failed septic system or oil tank, including environmental clean-up. HomeServe USA grew exponentially during my time there, and I am excited for the opportunity to do this with Powderhorn.”
Fred Browning, Chief Underwriting Officer, Accretive Insurance Solutions, said, “We enjoyed our collaboration with Coleville Partners during the transaction process and are confident that Powderhorn is in good hands with an owner focused on the growth and development of the business. We wish Powderhorn and Coleville Partners every success in the future.”
About Coleville Partners
Coleville Partners is a private investment firm located in New York City. The firm acquires private businesses in the US with the goal of operating them for sustainable growth over the long term. Coleville Partners focuses on high quality or performing businesses, as well as businesses that have reached certain operational or strategic inflection points. The firm acquires services businesses broadly with a focus on industries including insurance, warranty, service contracts and residential services.
For additional information, please visit: www.colevillepartners.com
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Contacts
Michael Feeney
Coleville Partners, LLC
Email: michael@colevillepartners.com
