M&A Deal Summary

Clairvest Group and OMERS Private Equity Acquire NovaSource Power Services

On May 14, 2020, private equity firms Clairvest Group and OMERS Private Equity acquired renewable energy company NovaSource Power Services from SunPower

Acquisition Highlights
  • This is Clairvest Group’s 1st and OMERS Private Equity’s 1st transaction in the Renewable Energy sector.
  • This is Clairvest Group’s 19th and OMERS Private Equity’s 21st transaction in the United States.
  • This is Clairvest Group’s 3rd and OMERS Private Equity’s 3rd transaction in Texas.

M&A Deal Summary

Date 2020-05-14
Target NovaSource Power Services
Sector Renewable Energy
Buyer(s) Clairvest Group
OMERS Private Equity
Sellers(s) SunPower
Deal Type Divestiture

Target

NovaSource Power Services

Austin, Texas, United States
NovaSource Power Services is a provider of solar operations and maintenance (“O&M”) services to utility, commercial, industrial, and residential customers, with over 20GW of solar assets under management. NovaSource operates a global footprint with a presence in North America, South America, EMEA, Asia, and Australia. NovaSource Power Services is based in Austin, Texas.

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Buyer(S) 2

Buyer

Clairvest Group

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 4.5B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Clairvest Group is a generalist Canadian private equity firm focused on mid-market businesses with C$10 to C$50 million of EBITDA. While Clairvest does not have any sector preferences, the Firm prefers fragmented sectors with recurring revenue business models and economies of scale. Clairvest will consider both minority and majority investment positions and invests in the range of C$25- C$100 million per transaction. Clairvest was formed in 1987 and is based in Toronto.


DEAL STATS #
Overall 40 of 54
Sector (Renewable Energy) 1 of 1
Type (Divestiture) 2 of 2
State (Texas) 3 of 4
Country (United States) 19 of 29
Year (2020) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-02 Abra Health

Roseland, New Jersey, United States

Abra Health is a full-service dental practice providing general dentistry, pediatric dentistry, and orthodontic treatment for patients of all ages. It has pediatric dental specialists, general dentists, orthodontists, dental professionals, and hygienists in three locations to provide the highest quality care for patients. Abra Health was formed in 2008 and is based in Roseland, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-17 Arrowhead Environmental Partners

Uniontown, Alabama, United States

Arrowhead Environmental Partners offers a uniquely designed, high capacity, and environmentally sound disposal facility for customers, communities, and a wide range of industries across 33 states. Arrowhead Environmental Partners is based in Uniontown, Alabama.

Buy -
Buyer

OMERS Private Equity

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 19.8B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

OMERS Private Equity, Inc. is the private equity arm of the Ontario Municipal Employees Retirement System. OMERS invests in buyout, venture, and mezzanine funds as well as makes direct private equity investments in North American companies with and enterprise value of $200 million to 1.5 billion. Target sectors include manufacturing, financial and business services, industrial and consumer products, transportation, and technology. OMERS Private Equity was formed in 1987 and is based in Toronto, Ontario.


DEAL STATS #
Overall 44 of 56
Sector (Renewable Energy) 1 of 1
Type (Divestiture) 3 of 3
State (Texas) 3 of 4
Country (United States) 21 of 29
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Community Veterinary Partners

Philadelphia, Pennsylvania, United States

Community Veterinary Partners owns and operates veterinary hospitals and is committed to providing world-class treatment and health services to animals. Community Veterinary Partners was founded in 2009 and is based in Philadelphia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-17 Turnpoint Services

Louisville, Kentucky, United States

Turnpoint Services provides a comprehensive range of plumbing, electrical, and HVAC installation and repair services. The Company currently operates in thirteen states throughout the Southeast and Midwest regions and is nationally recognized as a Top-10 plumbing and HVAC service business. Turnpoint Services was formed in 2016 and is based in Louisville, Kentucky.

Buy -

Seller(S) 1

SELLER

SunPower

Richmond, California, United States

Category Company
Founded 1985
Sector Renewable Energy
Employees2,200
Revenue 1.7B USD (2022)
DESCRIPTION
SunPower's corporate headquarters in San Jose, California.
SunPower's corporate headquarters in San Jose, California.

SunPower is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. SunPower was founded in 1985 and is based in San Jose, California.


DEAL STATS #
Overall 4 of 5
Sector (Renewable Energy) 4 of 5
Type (Divestiture) 3 of 4
State (Texas) 1 of 1
Country (United States) 4 of 5
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 SolarWorld Americas

Hillsboro, Oregon, United States

SolarWorld Americas, Inc. is a crystalline-silicon solar manufacturer, produces and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply throughout the Americas. The company maintains 430 megawatts of annual capacity to produce solar cells and 550 MW of capacity to manufacture solar modules.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 Blue Raven Solar

Orem, Utah, United States

Blue Raven Solar provides clean energy solutions to residential customers with no upfront costs and guaranteed savings on their power bill. Blue Raven Solar was established in 2014 and is based in Orem, Utah.

Buy $165M