Oncourse, the residential home‑warranty and repair firm spun out of American Water Works’ Homeowner Services Group in 2021, now sits in the portfolio of London‑based private‑equity group Apax Partners. The company, which processes repair claims for homeowners, has built a niche market around warranty coverage for new and existing homes.

Apax has signaled a sale window later this year, according to three industry insiders. The firm has engaged Goldman Sachs and Jefferies to advise on the transaction, positioning the business as a $200 million EBITDA seller in a sector that blends insurance and home‑maintenance services.

The move follows a broader trend of private‑equity owners monetising niche service providers that offer recurring revenue streams. Investors eye Oncourse for its steady cash flow and potential to scale through digital claim‑processing platforms, which could lift earnings beyond the current $200 million mark.

A sale would value Oncourse at roughly 10× its EBITDA, placing it among the most attractive residential‑warranty deals in recent PE activity. Stakeholders expect the transaction to close before year‑end, potentially reshaping the competitive landscape for home‑maintenance outsourcing strategic.