A group of managers have acquired Cricket Energy Holdings, a Concord, Ontario-based provider of smart home energy/metering solutions and consulting services. The C$200 million deal was funded by Third Eye Capital, a Canadian alternative capital provider. Cricket was backed in 2017 by Fengate Real Asset Investments.
TORONTO, Dec. 2, 2020 /CNW/ – CSE Utility Management Inc., a company controlled by Steven Muzzo, 2158815 Ontario Inc., a company controlled by Douglas Skrepnek, and certain senior management today announced the completion of their acquisition of Cricket Energy Holdings Inc. (“Cricket’), a Canadian provider of smart home energy/metering solutions and consulting services, in a transaction valued at over $200 Million. The transaction was financed by Third Eye Capital.
“We launched Cricket in 2012 and followed up quickly in 2014 with the acquisition of Provident Energy Management (“Provident”) and EQ Building Performance (“EQ”). Through our dedicated staff and relationships with some of Canada’s largest real estate developers and managers, we have become a leading provider of energy sub-metering services, energy management services, home comfort equipment, and building sustainability consulting,” said Steven Muzzo, CEO of Cricket on behalf of the acquisition group. “This transaction allows management to accelerate our business plan and expand Cricket’s offerings into its existing and growing installed base of customers.”
“Cricket is one of the fastest growing companies in this industry and its range of high-quality services help drive energy conservation, reduce emissions, and alleviate stress on power grids. We are excited to partner with Steve, Doug, Marco Pisterzi and the rest of the exceptional people at Cricket to ensure its ongoing success,” commented Arif N. Bhalwani, CEO of Third Eye Capital.
This transaction also aligns ownership interests of Cricket/Provident and OZZ Group Inc. (“OZZ”), allowing the companies to more strategically respond to growing demands in the new construction market. Cricket/Provident/EQ will leverage OZZ’s strong relationships in Vancouver and Seattle to expand beyond their Ontario footprint.
About Cricket Energy
Cricket Energy is a leading home services and smart energy solutions company founded that provides (i) rental water heaters, home heating, ventilation, HVAC and air conditioning systems to new and existing residential markets in Ontario, (ii) multi-residential metering solutions including thermal, gas, electricity, and water metering, and (iii) consulting services to developers and building owners on energy modeling, sustainability and the creation of more resource efficient, comfortable and resilient places to live and work.
About Third Eye Capital
Founded in 2005, Third Eye Capital (“TEC”) is Canada’s leading alternative capital provider to good businesses undergoing change. Through its unique combination of tailored financing and value-added operational expertise, TEC empowers talented management teams to seize opportunities and realize growth potential more quickly and effectively. TEC has made more than $3 Billion in investments across a diverse set of industries including technology, energy, alternative energy, mining, construction services, and transports.
This news release may contain forward-looking statements that are based on Cricket Energy and TEC management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cricket Energy and TEC are under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.