On August 2, 2023, Northleaf Capital Partners announced a strategic partnership with Provident Energy Management Inc., acquiring a majority stake in the company, which specializes in sub-metering and building automation services primarily for the multi-residential new construction market. The transaction sees Provident's management team retaining a minority interest to facilitate accelerated growth.

Provident is dedicated to enhancing energy efficiency through services such as individual utility metering, building automation system installations, and energy consulting, primarily in Canada and the U.S. Marco Pisterzi, COO/CFO at Provident, expressed enthusiasm for expanding the company's services into new markets alongside Northleaf.

Jared Waldron, Managing Director at Northleaf, highlighted Provident’s strong service track record and diversified customer base as aligning well with Northleaf's infrastructure investment strategy, which prioritizes stable, resilient businesses.

The partnership will also continue Provident's collaboration with OZZ Electric Inc., the largest multi-residential electrical contractor in Canada, to further drive growth and offer comprehensive solutions to developer clients. Steven Muzzo, CEO of OZZ and Provident, noted the value added by the synergistic relationship between the two firms.

While the financial terms of the deal were not disclosed, Northleaf received advisory services from National Bank Financial Inc. and Torys, with National Bank of Canada leading the associated debt financing.