Public Sector Pension Investment Board (PSP Investments) is acquiring a 50% stake in home and commercial energy services platform Enercare from Brookfield for C$1.6bn (€1bn).
The Canadian pension investor has been an investor in Enercare since 2018, when it co-invested alongside Brookfield in the asset manager’s C$4.3bn take-private deal.
Enercare provides equipment, including water heaters, HVAC systems, and water purification units to more than 1.4m homes and businesses across Canada, with strong positions in Ontario and Quebec and an expanding presence in Western Canada.
Andrew Alley, managing director and global head of infrastructure investments at PSP Investments, said: “Enercare delivers equipment and services that Canadian households and businesses rely on every day. The company’s strong customer relationships, recurring revenue model and strong market position make it a highly attractive long-term infrastructure investment.
“Held within our high-inflation correlated infrastructure portfolio, it will rank among our most significant direct infrastructure investments in Canada, reflecting our conviction in investing where our local knowledge, relationships, and experience provide a distinct advantage. Together with Brookfield, we look forward to supporting Enercare’s growth and the quality of service it provides to its customers.”
Nick Perreten, president and CEO of Enercare, said: “We are excited to continue executing on our strategy with the continued support of two long-term investors who share our commitment to customer service, operational excellence and strategic growth.
“We proudly serve Canadian families and businesses, and the backing of Brookfield and PSP will help make our customer promise even stronger.”
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