SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 17, 2000
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Exact name of registrant as specified in its charter)
Vermont 1-8222 03-0111290
(State of other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
77 Grove Street, Rutland, Vermont 05701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (802) 773-2711
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events.
Central Vermont Public Service Corporation ("CVPS") and partner DJJ
Holdings, Inc. ("DJJ") have sold a 50 percent interest in The Home
Service Store, Inc. ("HSS"), formerly Home Service Solutions, L.L.C., to
Jupiter Partners II L.P. ("Jupiter"), a capital investment company in
New York. Prior to Jupiter's investment, HSS had been a partially owned
subsidiary of SmartEnergy Services, Inc. a wholly owned subsidiary of
CVPS.
HSS, which does business under the name The Home Service Store, is a
rapidly growing national home maintenance, repair, and improvement
concierge service.
CVPS announced the creation of HSS in May, 1999 and began test marketing
the service in four metropolitan areas through a marketing agreement
with SAM'S Club, a subsidiary of Wal-Mart Stores, Inc. Due to strong
consumer interest, a national roll out of HSS began in the fall of 1999.
HSS is expected to be in 60 metropolitan areas by late spring, 200
metropolitan areas by late December. In December 1999, HSS entered into
a second marketing relationship with TruServe Corporation, a hardware
and home center retailer with 8,000 retail stores.
Under the sale agreement, Jupiter's equity investment will be used to
complete HSS's national roll out. The sale gives Jupiter a 50 percent
interest in HSS, leaving CVPS with 39 percent and DJJ with 11 percent.
Under a management incentive plan created as part of the sale, CVPS's
share could be diluted to 28 percent through stock option offerings over
the next four years.
Douglas Sinclair, HSS's president, who has run HSS since its creation,
has also been named Chief Executive Officer.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
BY /s/ Joseph M. Kraus
Joseph M. Kraus, Senior Vice President,
Corporate Secretary and Treasurer
March 17, 2000