- The investment will be used to support NovaSource’s growth
- Goodmans acted as legal counsel to NovaSource and Clairvest, while Weil, Gotshal & Manges acted as legal counsel to OMERS Private Equity
- Recently, NovaSource completed the buyout of Heliolytics
OMERS Private Equity has acquired a minority stake in NovaSource Power Services for $100 million. NovaSource is a Chandler, Arizona-based provider of solar operations and maintenance services to utility, commercial, industrial, and residential customers.
The transaction is in partnership with NovaSource’s leadership team and Clairvest Group, a Canadian private equity firm, which will continue as the company’s majority owner.
The proceeds from OMERS’ investment will be used to finance NovaSource’s continued growth. NovaSource recently completed the acquisition of Heliolytics to expand its capabilities and plans to continue growing internationally in the months to come.
Angus Cole, managing director of Clairvest, said in a statement: “We are excited to welcome OMERS Private Equity as our partner and help accelerate NovaSource’s growth trajectory over the next few years. OMERS brings expertise and relationships in the industry which will complement nicely with Clairvest’s deep knowledge in the renewable energy sector. Together, we will help management build an asset of strategic significance in the solar O&M space.”
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$121 billion in net assets as of December 31, 2021, including approximately C$19.6 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore.
Goodmans acted as legal counsel to NovaSource and Clairvest. Weil, Gotshal & Manges acted as legal counsel to OMERS Private Equity.