It was announced today that HomeServe PLC, an international home repairs and improvements business, and parent of Norwalk, CT based HomeServe USA Corp., will acquire a majority stake in Conshohocken-based eLocal USA LLC. According to an article in the Philadelphia Business Journal, the acquisition price was $140 million.
The Conshohocken company was launched in 2008 and is a performance-based advertising platform. According to a press release, “the acquisition will be the foundation for HomeServe’s Home Expert business in the United States.”
“We are delighted to have agreed to buy a majority shareholding in eLocal,” said Richard Harpin, Chief Executive and Founder of HomeServe PLC. “Bruce Aronow and team have created a really successful business model with great growth potential. I am looking forward to working with them as we continue to grow our Home Experts business.”
“The entire eLocal team is extremely excited to have been chosen as the platform to build the Home Experts business in the U.S.,” said eLocal CEO Bruce Aronow. “Partnering with a global leader like HomeServe will provide us the ability to leverage our talented team and best in class technology to deliver a great product to both consumers and advertisers in the U.S.”
Andrew and Bruce Aronow, eLocal’s founders, will remain with the company, which currently employees approximately 130 across its three office locations in Conshohocken, New York, and Los Angeles.