Parties
Company
Enercare Inc.
Company
HydroSolution, L.P.
Enercare Inc. made a significant move into Quebec by acquiring HydroSolution, L.P., the province’s leading provider of home equipment, including water heaters, heat pumps, and electric vehicle charging stations. The deal, valued at $141 million, marked Enercare's first investment in Quebec, expanding its customer base by 275,000.
HydroSolution, known for its stellar customer service, will continue to operate under its established brand name, with its senior management and approximately 100 employees staying on. The acquisition aligned with Enercare’s focus on affordable and sustainable home energy services, enhancing its core offerings.
Enercare's Chief Revenue Officer, Nick Perreten, highlighted the deal as a milestone, emphasizing the shared commitment to growth and customer service. HydroSolution’s CEO, Nicolas Ayotte, expressed enthusiasm for the partnership, noting the benefits for customers and employees.
The acquisition demonstrated Enercare’s dedication to sustainable growth and advancing affordable, eco-friendly options, according to Enercare's President and CEO, John Peri. Legal advisors for the transaction were McCarthy Tétrault for Enercare and Stikeman Elliott for HydroSolution.
This deal followed other strategic acquisitions by Enercare, including Syles Mechanical in Ontario and Elite Heating in Edmonton.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 141,000,000Deal Status
ClosedClosing Date
22 September 2022