Reliance Comfort Limited Partnership (Reliance) closed its purchase of National Energy Corporation, which operates under the name National Home Services (NHS), its water heater and HVAC home services business, from Just Energy Ontario Group Inc. for $505 million (US$462.369 million).
NHS is the Home Services subsidiary of Just Energy specializing in the supply of rental water heaters and HVAC equipment. Headquartered in Toronto with operating branches located across the country, Reliance employs more than 1,200 team members and serves more than 1.6 million residential and commercial customers.
Just Energy is a competitive retailer of natural gas and electricity, serving more than 2 million residential, commercial and home services customers through a wide range of energy programs and home comfort services.
Alinda Capital Partners and Reliance Comfort Limited Partnership were represented by an in-house team led by Ravi Purohit (Alinda Capital Partners) and Jack Cook (Reliance Comfort Limited Partnership). Torys LLP provided external support with a team led by Krista Hill and Aaron Emes and which included Konata Lake, Morgan Crockett, Kevin Wall, Valerie Ito, Min Kim and Brian Unger (corporate/M&A); Dany Assaf and Rebecca Moskowitz (competition); Corrado Cardarelli, Andrew Wong and Catrina Card (tax); Jonathan Wiener, Amanda Balasubramanian and Adrienne Love (financing); Mitch Frazer and Bradley Tartick (pension and employment); Ebad Rahman (IT contracting); Edward Fan and Theresa Fauconnier (IP); Andy Gibbons (real estate) and Tyson Dyck (environmental).
Just Energy Ontario L.P. and National Energy Corporation were represented by Jonah Davids, Executive Vice-President and General Counsel and Eli Cranley, Legal Counsel at Just Energy Group Inc. supported by Fasken Martineau DuMoulin LLP with a team led by Scott Conover and that included Aaron Stefan and Louise Kennedy (financing); Christopher Steeves and Paul Casuccio (tax); Andrew Nunes (IT contracting); Ross Gascho (pension and benefits); Ralph Nero (employment); and Nicole Park and Gina Croce (corporate). Davies Ward Phillips & Vineberg LLP provided advice on competition matters with a team that included Adam Fanaki, Elisa Kearney and Erika Douglas.