JACKSON,
Mich., Feb. 5, 2024 /PRNewswire/ -- Consumers
Energy, a subsidiary of CMS Energy (NYSE: CMS), today announced
that it has executed a definitive agreement to sell its internal
business unit, the Appliance Service Plan (ASP) to Oncourse Home
Solutions. The transaction is expected to close in the first half
of 2024, subject to customary closing conditions.
"This announcement to sell our Appliance Service Plan business
will allow that team to grow their business in a meaningful way
at Oncourse," said Brian Rich,
senior vice president of customer experience and technology. "At
the same time, this strategic sale will allow Consumers Energy to
remain hyper focused on our core business of providing electric and
natural gas service to 6.7 million residents in Michigan."
ASP has been the leading provider of appliance protection and
related services to homeowners in Michigan for over 35 years. The business
provides customers with coverage for repairs and replacement,
offering financial protection from unexpected appliance breakdowns.
With 24/7 access to representatives to schedule service calls - and
priority scheduling for heating and cooling emergencies – the
Appliance Service Plan Team sends an experienced local technician
right to your door. The transaction is designed to be seamless for
current ASP customers and Consumers Energy will continue to provide
a defined level of support to the buyer under an ongoing services
agreement.
"The Appliance Service Plan and its co-workers have been a
critical team within the Consumers Energy family for over 3 decades
all while delivering exceptional value to over 150,000 Michigan households," said Lauren Snyder, vice president of customer
experience. "The ASP Team has a long history of excellent customer
service which will not only be utilized but can grow with the
Oncourse Home Solutions Team."
BofA Securities, Inc served as Consumers Energy's financial
advisor. Warner Norcross + Judd LLP
served as the company's legal advisor.
Consumers Energy is Michigan's
largest energy provider, providing natural gas and/or electricity
to 6.7 million of the state's 10 million residents in all 68 Lower
Peninsula counties.
For more information about Consumers Energy, go to
ConsumersEnergy.com.
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SOURCE Consumers Energy