HomeServe, based in the U.K., has acquired a controlling stake in Conshohocken-based eLocal Holdings, for $140 million, writes Joseph N. DiStefano for The Philadelphia Inquirer.
eLocal Holdings specializes in “pay per call” and “pay per lead” consumer sales leads for home repair, debt, addiction, and legal services firms. The group led by LLR invested $25 million in the company two years ago. The investors and eLocal managers will keep 21 percent of the company for now, with an option to be bought out by HomeServe at a later date.
In addition to Philadelphia-based LLR there are other local investors. These include eLocal’s CEO Bruce Aronow, his brother and the company president Andy Aronow, and Andy Kaplan, a partner with the Aronow’s in the real estate investment firm, Rockland Capital.
Both brothers will remain with the business after the sale.
“The entire eLocal team is extremely excited to have been chosen as the platform to build the Home Experts business in the US,” said 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 consumers in the US.”
Read more about eLocal Holdings at The Philadelphia Inquirer by clicking here.