Oncourse Home Solutions (“Oncourse” or “the Company”), a leading national provider of home infrastructure warranties, today announced that Genstar Capital (“Genstar”) has entered into a definitive agreement to acquire the Company from funds advised by Apax Partners LLP (“Apax”).

Founded in 1992, Oncourse protects the critical home infrastructure that homeowners rely on, including water, sewer, gas, and electric lines, in-home plumbing, and home systems and appliances. The Company serves more than two million customers across 48 states, reaching homeowners through exclusive affinity partnerships and a growing direct-to-consumer channel.

Aaron Cooper, Chief Executive Officer of Oncourse Home Solutions, said: “This ownership transition marks an important milestone for Oncourse and reflects the strength of our business and the dedication of our employees. We have built a business that puts customers at the center of everything we do, and with Genstar’s experience, resources and commitment to long-term growth, we are well positioned to further elevate the customer experience, deepen the value we deliver to our partners and build on the significant momentum created with Apax. I am incredibly proud of what our employees have accomplished at Oncourse, and I want to thank the Apax team for their partnership throughout their ownership. We look forward to beginning this next chapter with Genstar.”

Ashish Karandikar, Partner at Apax, said: “When we carved Oncourse out of American Water in 2021, we backed a high-quality business in a category with long-term, non-discretionary demand. Our work helped turn a utility-owned program into a standalone company with a strong leadership team led by Aaron Cooper, modern technology and claims systems, and, most recently, an investment-grade financing platform. That is what gives Oncourse a durable foundation to grow independently from here.”

Nedu Ottih, Partner at Apax, added: “What distinguishes Oncourse is the trust it has built with its partners and homeowners. Throughout our partnership, the team has added new affinity partners, built a fast-growing direct-to-consumer channel, and established a disciplined acquisition capability, all while maintaining high service standards and staying true to its commitment to customers. We are grateful to the management team and everyone at Oncourse for an outstanding partnership, and believe Genstar is the right partner to build on this strong foundation and lead the business through its next phase of growth.”

Ryan Clark, President & Managing Partner at Genstar, said: “Genstar’s experience investing across the warranty industry gives us conviction that Oncourse is in the early innings of its growth journey. Looking ahead, Oncourse is primed to accelerate through new distribution partnerships, expanding homeowner relationships, and strategic acquisitions. We congratulate Apax, Aaron and the entire team at Oncourse on their success in scaling the Company into a leading home protection platform.”

Conor Flemming, Principal at Genstar, added: “The market for home infrastructure warranties is large and underserved, and Oncourse is well positioned to capitalize on that opportunity. Aaron and his team have earned this position by delivering relentlessly for their partners and the homeowners they serve. We are excited to build on their momentum in the next stage of growth.”

The transaction is expected to close in Q4 2026, subject to customary regulatory approvals and closing conditions. Terms of the transaction were not disclosed.

Goldman Sachs & Co. LLC and Jefferies served as financial advisors to Apax and Oncourse, and Simpson Thacher & Bartlett LLP served as legal advisor. Evercore served as exclusive financial advisor to Genstar, and Ropes & Gray LLP served as legal advisor.

About Oncourse Home Solutions

Oncourse Home Solutions is a leading home protection provider focused on protecting more than 2 million customers from unexpected costs by providing flexible services for home repairs and maintenance across the country. With more than three decades of experience, Oncourse Home Solutions has stayed committed to simplifying the hassles of home care and providing coverage that simply works, giving homeowners peace of mind. For more information, visit https://oncourse.com/.

About Apax

Apax is a global private equity advisory firm investing in mid-market businesses across the Technology, Services, and Internet/Consumer sectors. Oncourse sits at the intersection of two end markets the Apax funds have deep expertise in, namely insurance services and residential services, with current and prior investments in Hub International, Assured Partners, PIB, Authority Brands, and SavATree. Combining the scale of a global firm with the focus of a sector specialist, Apax works with management teams to create long-term value through operational value creation. With more than 50 years of private equity experience in operational value creation, Apax has raised and advised funds with aggregate commitments of approximately $80 billion. For more information, please visit www.apax.com.

About Genstar

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 35 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $51 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, healthcare, and software industries.

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