Reliance reaches consent agreement with the Competition Bureau
Toronto, November 6, 2014 — Reliance Comfort Limited Partnership (Reliance Home Comfort or Reliance) has reached a consent agreement with the federal Competition Bureau regarding its residential water heater rental agreement and return policies and procedures. As outlined in the agreement signed by the Competition Bureau on November 3, 2014, Reliance does not admit or accept the allegations, facts, liability or wrongdoing put forth to the Competition Tribunal.
“Our actions and business practices are always in the best interests of our customers,” stated Sean O’Brien, President and CEO of Reliance Home Comfort. “While we believe we conduct our business fairly and competitively, it was important for us to settle this outstanding matter. It is now time to re-focus on the needs of Canadian homeowners by providing the right home comfort solutions. Our dedicated team, our loyal customers and our shareholders are pleased that this matter has been resolved and will not impact our ability to meet customer needs moving forward.”
Under the consent order, Reliance has agreed to pay an administrative monetary penalty of $5 million and modify its residential rental agreement termination and water heater return policies in certain Ontario markets. Reliance will also take certain steps to provide further convenience for customers, should they choose to end their rental agreements and return their heaters.
The agreed modification to certain policies and procedures will not impact the ability of Reliance to meet needs of customers going forward. For instance, the rental agreements of over 80% of Reliance customers already comply with the changes agreed between Reliance and the Competition Bureau.
Reliance Home Comfort is a leader in providing peace of mind solutions through retail sale, rental and service of heating, ventilation, air conditioning and water heater equipment to more than 1.6 million residential and commercial customers. The organization, a portfolio company of investment funds managed by Alinda Capital Partners, is headquartered in Toronto and employs more than 1200 people. Visit www2.reliancehomecomfort.com to learn how Reliance is the destination of choice for Canadians seeking warmth in the winter, cool in the summer and an endless supply of hot water.
Molly Wilkie: 647-527-6005
Brent Artemchuk: 416-499-8654