HomeServe, a West Midlands-based insurance company, has acquired France-based rival Société Française de Garantie from April Group Dommages Particuliers for up to £24 million.

HomeServe, a West Midlands-based insurance company, has acquired France-based rival Société Française de Garantie from April Group Dommages Particuliers for up to £24 million.

Aix-En-Provence-based SFG specialises in providing extended warranties for electrical appliances, and employs 55 staff. SFG reported pre-tax profits of some £3.3 million in 2008.

Richard Harpin, chief executive of HomeServe, comments: “This acquisition represents a very significant step forward in our plans to extend our successful UK warranty business to other European markets.”

In the year ended 31 March 2009, HomeServe reported a decrease in revenues of seven per cent to £517.4 million, and pre-tax profits up 13 per cent to £96.1 million.