Genstar Capital strikes deal for Oncourse Home Solutions exit from Apax
- The company was carved out of American Water in 2021, since building an investment-grade financing platform and modernized technology and claims systems
- Under its prior ownership, the company added new affinity partners and established a disciplined acquisition capability while growing its direct-to-consumer channel
- The buyer plans to grow the business through new distribution partnerships, expanding homeowner relationships and additional acquisitions
Genstar Capital has agreed to acquire Naperville, Illinois-based Oncourse Home Solutions, a home infrastructure warranty provider, from funds advised by Apax Partners LLP, the companies said.
Oncourse protects home infrastructure that homeowners rely on, including water, sewer, gas and electric lines, along with in-home plumbing and home systems and appliances. The company, led by CEO Aaron Cooper, serves more than two million customers across 48 states through exclusive affinity partnerships and a growing direct-to-consumer channel.
Apax carved Oncourse out of American Water in 2021.
On the deal, Ryan Clark, president and managing partner at Genstar, said the firm’s “experience investing across the warranty industry gives us conviction that Oncourse is in the early innings of its growth journey,” and that the company is positioned to accelerate through new distribution partnerships, expanding homeowner relationships and strategic acquisitions.
The deal is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals and closing conditions.
Goldman Sachs and Jefferies served as financial advisors and Simpson Thacher & Bartlett LLP as legal advisor to Apax and Oncourse; Evercore served as exclusive financial advisor and Ropes & Gray LLP as legal advisor to Genstar.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.
