PSP Investments has agreed to acquire a 50% stake in Enercare Inc. from Brookfield and its institutional partners for approximately C$1.6bn, the Canadian pension investor said on 9 November 2026.
Why PSP Investments (Public Sector Pension Investment Board) is buying Enercare Inc. (50% stake)
Enercare sells and rents water heaters, HVAC equipment and water purification systems and provides related services and protection plans to more than 1.4 million homes and businesses across six provinces. PSP will hold the stake within its High Inflation Correlated Infrastructure portfolio. Andrew Alley, PSP's global head of infrastructure investments, said "Enercare delivers equipment and services that Canadian households and businesses rely on every day"; Enercare chief executive Nick Perreten said "We are excited to continue executing on our strategy with the continued support of two long-term investors".
Deal terms and financing
PSP is paying about C$1.6bn for a 50% interest; the release does not say whether the figure reflects equity or enterprise value. Enercare's existing management team will continue to run the business after closing.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2027.
Market context
Brookfield Infrastructure and partners took Enercare private in 2018 in a deal worth about C$4.3bn including debt, with PSP co-investing.
