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Fengate closes $300 mln private equity fund, invests in Cricket Energy

Fengate Real Asset Investments has closed a new private equity fund, LPF Equities Fund, capitalized at $300 million. The fund will draw on the firm’s background in infrastructure and real estate to target investments in mid-market operating businesses and platforms in a range of North American industries, Fengate said. The fund has already made its debut investment, backing Cricket Energy Group of Companies, a Concord, Ontario provider of residential and commercial energy services and solutions. No financial terms were disclosed. Earlier this week, Toronto-based Fengate appointed Justin Catalano to head its newly created private equity group.

PRESS RELEASE

Fengate launches new private equity platform with close of initial investment in Cricket Energy Group of Companies

Toronto, ON – March 22, 2017 – Fengate Real Asset Investments (“Fengate”) announced the close of the LPF Equities Fund, the firm’s new private equity fund with $300 million in committed capital, and its initial investment in the Cricket Energy Group of Companies (“Cricket”).

With the new private equity platform, Fengate will leverage strategic relationships developed through the firm’s extensive experience in the infrastructure and real estate sectors to identify businesses with strong fundamentals and attractive investment characteristics. The new private equity fund will target investments in mid-market, growth-oriented, operating businesses and strategic platforms across a targeted range of industry sectors in North America, in alignment with Fengate’s approach and focus.

“We are pleased to launch our latest fund dedicated to private equity and to continue to diversify our investment offering for our investors,” said Lou Serafini Jr, President and CEO of Fengate. “Fengate’s new fund strategically leverages the depth of our expertise in the infrastructure and real estate sectors to provide our investors with access to new and innovative opportunities.”

Through its new private equity fund, Fengate recently completed an investment into the Cricket Energy Group of Companies, an Ontario-based provider of residential and commercial energy services and solutions. Cricket provides residential water heater and other home comfort rentals, condominium in-suite metering and monitoring, and natural gas and electricity retailing services through its various subsidiaries.

“Our investment in Cricket provides growth capital to a strong management team with an attractive contracted backlog of projects,” said Justin Catalano, Managing Director and Head of Private Equity at Fengate. “This transaction delivers on Fengate’s strategy to provide long-term revenue stability for its investors and builds on our robust portfolio of real assets.”

“Cricket is very pleased to partner with Fengate and the institutional clients they represent,” commented Steven Muzzo, President and CEO of Cricket. “We have a tremendous amount of opportunity in front of us and Fengate’s strategic investment will help accelerate the growth of Cricket.”

For more information on Cricket, refer to http://www.cricketenergy.com/

About Fengate

Fengate Real Asset Investments is a leading real asset investment firm specializing in investment funds with a strategic focus on infrastructure, real estate and private equity. Our investment strategies are realized through a series of private funds, to which institutional and high net worth investors have committed over C$2.3B to date. Through our experience, expertise and industry relationships, our clients gain access to high-barrier-to-entry investment solutions which deliver superior risk-adjusted returns. The firm has been recognized as one of “Canada’s Best Managed Companies” since 2007. Learn more at fengate.com

Media Contact:

Amy Holmes
Director, Marketing and Communications
amy.holmes@fengate.com
O: +1 (905) 491-2619 C: 1 (647) 297-5369

Photo courtesy of Cricket Energy Holdings Inc