NEW Gets New Backers
Dulles, Va. — Investment firms Berkshire Partners and Freeman Spogli & Co. have made a “major investment” in N.E.W. Customer Service Companies (NEW), along with NEW management, to help accelerate the extended service provider's next stage of growth. The transaction gives NEW an enterprise value of approximately $1.2 billion, but other terms of the transaction were not disclosed. “With this substantial investment, we can help NEW to further penetrate its current markets and reshape the industry once again as they pursue the significant growth opportunities in adjacent markets,” said Ross Jones, managing director of Berkshire Partners.
Sharp Signs Service Net
JEFFERSONVILLE, IND. — Service Net Solutions has partnered with Sharp Electronics to provide extended service plans on a range of Sharp's CE and appliance products. The plans will be offered to Sharp customers upon the expiration of their current manufacturer warranties, giving them the option of purchasing extended product coverage for an additional one- or three-year term. The service is now available on Aquos LCD-TVs, SharpVision front projectors and Insight Pro microwave drawers, and will likely be extended to most Sharp LCD and CRT TVs, room air units and microwave products.