Northleaf Capital Partners funds have acquired a majority stake in Provident Energy Management, to help the provider of sub-metering grow its services across new markets throughout Canada and the US.

The unnamed Northleaf vehicles agreed the strategic partnership with Provident Energy’s management team, who will maintain a minority interest in the business.

Provident Energy, a sub-metering provider based in Ontario, is mainly focused on the multi-residential new construction market. The company provides individual utility metering and billing, building automation system installations and monitoring, and energy consulting services.

Marco Pisterzi, COO/CFO at Provident Energy, said: “We look forward to working with Northleaf and multi-residential developers to strategically accelerate growth in new business opportunities and to grow our services across new markets throughout Canada and the US.”

Jared Waldron, managing director at Northleaf Capital, said: “Provident’s existing and diversified installed base and robust pipeline underpins a resilient, long-term and contracted cashflow profile. This is an excellent fit with our mid-market infrastructure strategy which focuses on stable businesses with strong downside protection.”

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