Equitix Investment Management has bought a UK smart-metering business from OMERS subsidiary Borealis Smart Holdings, Ontario Teachers鈥� Pension Plan Board and SSE.
In a joint statement, the founding shareholders said they have sold Maple TopCo (MapleCo) to Equitix for an undisclosed amount.
MapleCo was established in 2017 and as of March 2020, it had an asset base of over 1.6m installed meters.
鈥淲e are proud of MapleCo鈥檚 achievements since its establishment in 2017. Working with reputable industry partners such as OVO Energy, the business has experienced significant growth and is now one of the UK鈥檚 leading meter asset providers,鈥� the founding partners said.
鈥淭oday, MapleCo is a critical part of the UK鈥檚 energy infrastructure, supporting the green energy transition and helping advance the UK government鈥檚 policy goals.鈥�
Achal Bhuwania, deputy CIO for Equitix, said: 鈥淲e are delighted to be acquiring MapleCo and keen to deliver its next phase of growth.
鈥淭his acquisition furthers our participation in the UK smart metering programme which aligns with our business objectives of investing in the country鈥檚 sustainable energy transition initiatives.鈥�
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