Third Eye Capital exits debt, equity holdings in Cricket Energy

• Northleaf earlier this month announced its acquisition of Provident
• Third Eye provided about C$150 million to back the management buyout of Cricket in December 2020
• Third Eye is a provider of asset-based financing solutions to companies that are underserved or overlooked by traditional sources of capital

Third Eye Capital has exited its debt and equity holdings in Cricket Energy following the majority sale of Cricket’s subsidiary, Provident Energy Management, to Northleaf Capital Partners. No financial details of the transaction were disclosed.

Cricket is an energy services provider operating in the Greater Toronto Area. It has its headquarters in Concord, Ontario.

Third Eye provided about C$150 million to back the management buyout of Cricket in December 2020. Following the investment, the company re-aligned its business to focus on becoming a provider of sub-metering and building automation services to multi-residential buildings.

“Provident is an impressive energy management platform that has grown significantly in recent years,” said Arif Bhalwani, CEO at Third Eye Capital, in a statement. “It has been a pleasure to work with the owners and senior leadership team and we wish them continued success in the years ahead.”

The exit surpassed Third Eye’s return and timing expectations and also led to the repayment of certain loans made by the company to support the working capital of OZZ Electric, a multi-residential electrical contractor and a long-term strategic partner of Cricket and Provident.

Northleaf earlier this month announced its acquisition of Provident, a Concord, Ontario-based provider of sub-metering and building automation services focused on the multi-residential new construction market.

Based in Toronto, Third Eye is a provider of asset-based financing solutions to companies that are underserved or overlooked by traditional sources of capital.