Infrastructure funds managed by Northleaf Capital Partners have acquired Canadian sub-metering firm PowerStream Energy Services from Alectra Energy Services.
Northleaf said the investment in PowerStream is being made through its Provident Energy Management portfolio company as a bolt-on acquisition.
Financial details were undisclosed.
PowerStream is a pure-play provider of sub-metering and billing solutions to developers, condominium boards, property managers, and property owners across Ontario.
As a sub-metering provider based in Ontario, Canada, Provident Energy Management supplies multi-residential buildings and their residents with essential billing services and energy management solutions.
Sean Smith, CEO at Provident Energy Management, said: “We are incredibly excited to expand our footprint with the acquisition of PowerStream. This transaction will continue to drive our goals forward, and we look forward to onboarding PowerStream’s customers and team members seamlessly.”
Paul Gill, director at Northleaf Capital Partners, said: “This investment demonstrates a key component of our mid-market infrastructure value creation strategy, advancing Provident’s position as a market-leading sub-metering provider.
“We believe PowerStream’s existing platform, diversified installed base, and robust pipeline offer a resilient, long-term, and contracted cashflow profile, providing strong downside protection and materially increased scale for Provident.”
Brian Bentz, president and CEO, Alectra Inc, said: “This transaction will provide PowerStream Energy Services with new growth opportunities, to the benefit of its customers and employees.
“Provident’s commitment to delivering energy savings and advanced building automation systems aligns closely with PowerStream’s future vision and the rapidly evolving energy management requirements of its customers.”
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