Alinda puts Canada’s Reliance Comfort on the block: Reuters

U.S. private investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort LP, a Canadian provider of heating and cooling systems, in a deal that could value the company at $3 billion to $4 billion, according to people with knowledge of the process.

Alinda has hired Canadian Imperial Bank of Commerce and Goldman Sachs as financial advisers for the sale, the people added.

The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, said the people, who declined to be identified as the process is confidential.

A CIBC spokeswoman declined comment. Alinda Capital and Goldman Sachs did not respond to requests for comment.

Bloomberg reported the news earlier on Tuesday.

Update: Based in Toronto, Reliance owns, leases to consumers, and services water heaters, furnaces and air conditioning units for about 1.7 million customers in Canada. It entered Alinda’s portfolio in 2007 with the investor’s acquisition of UE Waterheater Income Fund for about $1.74 billion.

(Reporting by John Tilak; Editing by Sandra Maler)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)

Photo courtesy of Reliance Home Comfort