Home energy services company Hometree has appointed former DCC chief executive Tommy Breen, as its new chairman.
Mr Breen led DCC for nine years from 2008, overseeing a doubling in the company’s earnings before interest, tax, depreciation and amortisation to more than £450 million and a 650 per cent increase in its share price. He later went on to serve as chairman of HomeServe, before its 2022 sale to Brookfield.
The London-based start-up, which was cofounded by Dubliner Simon Phelan, is starting on its own growth strategy, with the goal of becoming a leader in residential energy solutions. Mergers and acquisitions (M&A) will play a key role, with the company already acquiring five companies in the past two years.
Four of its acquisitions have been in its current market of home emergency insurance, but the fifth, announced earlier this year, was BeWarm, which finances renewable installations.
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Hometree is now seeking to increase that number at a rapid pace and broaden its cope, targeting both domestic renewable installation companies and broader home services providers. Mr Breen’s previous experience with M&A at both DCC and HomeServe is seen as one of the key reasons for his appointment.
“We’ve seen significant growth over the last few years, including executing our first number of M&A transactions, but having closed our recent equity fundraise, it is clear that we now want to scale up at pace, and that M&A will be a key means for doing so,” said Mr Phelan.
“Having someone like Tommy on-board to guide us on this next phase of growth gives both the board and me a lot of confidence that we can continue to be successful.”
Backed by Legal & General and ISIF-funded Energy Impact Partners, Hometree was established in 2016, initially in the home heating market, with an online boiler installation service.
It has since expanded into the home cover and home emergency insurance market. The company has a range of insurance policies for customers that cover breakdowns and repairs for critical home infrastructure – heating, electrics, plumbing, drainage and gas fires – and provides a technology-first alternative to industry giants British Gas and HomeServe.
