Oncourse Home Solutions provides warranties covering water, sewer, gas and electric lines, plumbing, and home systems for more than two million customers across 48 states. The company was carved out of American Water in 2021, building an investment‑grade financing platform and modernized technology while adding new affinity partners and a disciplined acquisition capability.

Genstar Capital will acquire the company from funds advised by Apax Partners LLP. The purchase, led by Genstar president Ryan Clark, highlights the firm’s confidence that Oncourse is in the early innings of its growth journey, with plans to accelerate through new distribution partnerships, expanded homeowner relationships and strategic acquisitions.

The deal, expected to close in Q4 2026, involves financial advisors Goldman Sachs and Jefferies, legal counsel Simpson Thacher & Bartlett LLP, Evercore, and Ropes & Gray LLP. It follows a sale process announcement reported by PE Hub senior reporter Michael Schoeck, signaling a significant move in the home warranty industry.