PE Deals

Northleaf acquires majority stake in Provident Energy Management

Provident Energy Management is a Concord, Ontario-based provider of sub-metering and building automation services.

-
  • Provident helps generate energy savings through individual utility metering and billing, building automation system installations and monitoring and energy consulting services
  • The company’s management team will maintain a minority interest
  • Debt financing for the deal was led and arranged by National Bank of Canada

Northleaf Capital Partners has acquired a majority stake in Provident Energy Management, a Concord, Ontario-based provider of sub-metering and building automation services focused on the multi-residential new construction market.

No financial details of the transaction were disclosed. Debt financing for the deal was led and arranged by National Bank of Canada.

Provident’s management team will maintain a minority interest in the company.

Provident helps generate energy savings through individual utility metering and billing, building automation system installations and monitoring and energy consulting services in the markets in which it operates.

The company will continue its longstanding commercial relationship with OZZ Electric, the largest multi-residential electrical contractor in Canada.

“We’re delighted to partner with Provident and its management team to build upon the company’s strong track record of providing customers an essential service that promotes energy efficiency,” said Jared Waldron, managing director at Northleaf, in a statement. “Provident’s 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.”

Based in Toronto, Northleaf Capital Partners has to date raised $23 billion in private equity, private credit and infrastructure commitments. The firm has additional offices in Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York and Tokyo.

Northleaf was advised in the deal by National Bank Financial and Torys.