Northleaf Capital Partners–managed infrastructure funds have taken ownership of PowerStream Energy Services through a tuck-in acquisition by Provident Energy Management, a Northleaf portfolio investment. The seller was Alectra Energy Services, an affiliate of Alectra Inc.
PowerStream is a pure-play provider of submetering and billing solutions to developers, condominium boards, property managers, and property owners across Ontario.
Paul Gill, Northleaf director, said the investment demonstrates a key component of the firm’s mid-market infrastructure, value-creation strategy and advances Provident’s position as a market-leading sub-metering provider. Financial terms of the deal were not disclosed.
