Brookfield-backed Enercare acquires Quebec’s HydroSolution

The deal for the Quebec-based provider of water heaters, pumps and electric vehicle charging stations bolsters Enercare’s presence in Canada.

  • HydroSolution is a provider of water heaters, heat pumps, electric vehicle charging stations and other equipment for the home
  • The deal marks Enercare’s first investment in Quebec
  • Brookfield Infrastructure, an affiliate of Brookfield Asset Management, acquired Enercare in 2018 for C$4.3 billion

Brookfield Asset Management-backed Enercare has bought HydroSolution, an Anjou, Quebec-based provider of water heaters, heat pumps, electric vehicle charging stations and other home equipment. No financial terms were disclosed.

The transaction marks Enercare’s first investment in Quebec. HydroSolution was founded in 1958 and serves more than 275,000 customers. It is the largest provider of electric water heaters and related home energy services in Quebec.

“Today’s announcement is a tremendous milestone for Enercare and HydroSolution, one that signals our shared commitment to growth, sustainability and exceptional customer service,” said Nick Perreten, Enercare’s chief revenue officer. “Together, Enercare and HydroSolution will unite and grow our expertise to meet the evolving needs of Canadian home and building owners.”

Enercare is headquartered in Markham, Ontario and is a home and commercial services company with growing operations across Canada.

The deal for HydroSolution follows other acquisitions by Enercare in recent months. The company bought Syles Mechanical, based in Tecumseh, Ontario, and Elite Heating, based in Edmonton, Alberta.

Brookfield Infrastructure, an affiliate of Brookfield Asset Management, acquired Enercare in 2018 for C$4.3 billion.

Brookfield is a Toronto headquartered investment firm with $750 billion in assets under management. It employs over 1,000 people and has a presence in over 30 countries across five continents.