TORONTO: Northleaf Capital Partners, a global private markets investment firm, announced Wednesday that infrastructure funds managed by the firm have acquired PowerStream Energy Services from Alectra Energy Services Inc., an affiliate of Alectra Inc.
The transaction was executed through a tuck-in acquisition by Provident Energy Management Inc., a Northleaf portfolio company. Financial terms were not disclosed.
PowerStream, based in Ontario, provides sub-metering and billing solutions for developers, condominium boards, property managers and property owners. The acquisition is expected to enhance Provident’s market position and expand its customer base across Canada.
“We are incredibly excited to expand our footprint with the acquisition of PowerStream,” said Sean Smith, CEO of Provident. “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, said the deal aligns with the firm’s mid-market infrastructure strategy. “PowerStream’s diversified installed base and robust pipeline offer a resilient, long-term cashflow profile, providing strong downside protection and materially increased scale for Provident,” Gill said.
Brian Bentz, President and CEO of Alectra Inc., said the transaction will unlock new growth opportunities for PowerStream. “Provident’s commitment to energy savings and advanced building automation systems aligns closely with PowerStream’s future vision,” Bentz said.
Legal advisory for Northleaf was provided by Torys LLP. Alectra Energy Services Inc. was advised by RBC Capital Markets and Gowling WLG.