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鈥檚 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: 鈥淲e 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.鈥�
Jared Waldron, managing director at Northleaf Capital, said: 鈥淧rovident鈥檚 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.鈥�
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