Northleaf Capital Partners, a global private markets investment firm, announced that infrastructure funds managed by the firm have acquired PowerStream Energy Services from Alectra Energy Services Inc., an affiliate of Alectra, through a tuck-in acquisition by Provident Energy Management, an existing Northleaf portfolio investment. Financial terms of the transaction were not disclosed.
PowerStream is a pure-play provider of sub-metering and billing solutions to developers, condominium boards, property managers, and property owners across Ontario. This investment combines two synergistic business models and organizations that share deeply rooted cultural values, focused on delivering high-quality and reliable customer experiences.
Sean Smith, Chief Executive Officer at Provident, 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.”
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“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,” said Paul Gill, Director at Northleaf. “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.”
“This transaction will provide PowerStream Energy Services with new growth opportunities, to the benefit of its customers and employees”, said Brian Bentz, President and CEO, Alectra Inc. “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.”
SOURCE: Businesswire