Ancala acquires Noventa, secures $100 million financing

On March 30, 2023, Ancala Partners (Ancala) acquired a majority stake in Noventa Energy Partners (Noventa) for an undisclosed sum and also secured a $100 million credit facility from the Canada Infrastructure Bank (CIB). This credit facility is intended to finance Noventa's initiatives in energy efficiency, focusing on a wastewater energy transfer system and other technologies in buildings across Canada, both public and private.

Ancala, known for its expertise in critical infrastructure investments, made this acquisition through the Ancala Infrastructure Fund III, which is dedicated to mid-market infrastructure investments.

Noventa, a global renewable energy company, specializes in services aimed at reducing the carbon footprint of heating and cooling in buildings. The company has a diverse portfolio of projects in Canada, the UK, and the US.

Legal advisory roles in this transaction were filled by several firms. Blake, Cassels & Graydon LLP acted as Ancala's Canadian counsel for both the acquisition and the financing deal. McCarthy Tétrault LLP represented Noventa. In the UK, Ancala was advised by Travers Smith. The Canada Infrastructure Bank's legal matters were handled in-house by Ciprian Gligor, with additional support from Gowling WLG as outside counsel.

Deal Type

Merger & Acquisition

Industry

Energy

Transaction

$ 100,000,000

Deal Status

Closed

Closing Date

03 April 2023