PSP Investments to acquire 50% of Enercare, one of Canada's leading home infrastructure platforms, for approximately $1.6 billion

• $1.6 billion investment in Enercare will deepen PSP Investments' Canadian portfolio, which currently exceeds $75 billion and is expected to top $100 billion in the coming years
• PSP Investments will partner with Brookfield to support Enercare's continued success, building on a long-standing institutional relationship
• Enercare, a leading Canadian home infrastructure platform, provides essential home infrastructure serving more than 1.4 million Canadian homes

MONTREAL, Nov. 9, 2026 — The Public Sector Pension Investment Board (PSP Investments) today announced the signing of an agreement to acquire a 50% interest in Enercare Inc. (Enercare), one of Canada's leading providers of essential home infrastructure, from Brookfield and its institutional partners (collectively, Brookfield) for $1.6 billion.

Enercare provides critical equipment, including water heaters, heating, ventilation and air conditioning (HVAC) equipment, water purification systems and protection plans, as well as related services. The company serves more than 1.4 million Canadian homes and businesses, with a strong presence in Ontario and Quebec and a growing footprint in Western Canada. Its Enercare Advantage^® program gives customers an affordable and reliable option when they make their equipment decisions.

The transaction reflects PSP Investments' long-term conviction in Canada's strong fundamentals. In fiscal year ended in March 2026, PSP Investments invested more than $10 billion in Canada, bringing its gross assets under management in the country to over $75 billion. It expects its Canadian investments to surpass $100 billion over the next few years as attractive opportunities, such as Enercare, emerge, leveraging PSP Investments' established infrastructure expertise and market presence.

The partnership builds on a long-standing relationship between PSP Investments and Brookfield, which have successfully invested together across multiple infrastructure sectors and geographies. PSP Investments has been an investor in Enercare since 2018, when it co-invested alongside Brookfield in the privatization of Enercare. Since that time, the partners have supported Enercare's growth, and solidified its position as a leading home and commercial services platform. Since the privatization, Enercare has expanded its Canadian footprint into Quebec and in Western Canada. Both partners remain committed to Enercare's long-term growth through continued expansion of its customer base, introduction of new products and services, and other growth initiatives. The company will continue to be led by its existing management team, ensuring leadership continuity as it enters its next phase of growth.

"Enercare delivers equipment and services that Canadian households and businesses rely on every day," said Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments. "The company's strong customer relationships, recurring revenue model and strong market position make it a highly attractive long-term infrastructure investment. Held within our High Inflation Correlated Infrastructure (HICI) portfolio, it will rank among our most significant direct infrastructure investments in Canada, reflecting our conviction in investing where our local knowledge, relationships, and experience provide a distinct advantage. Together with Brookfield, we look forward to supporting Enercare's growth and the quality of service it provides to its customers."

"We are excited to continue executing on our strategy with the continued support of two long-term investors who share our commitment to customer service, operational excellence and strategic growth. We proudly serve Canadian families and businesses, and the backing of Brookfield and PSP will help make our customer promise even stronger," said Nick Perreten, President and Chief Executive Officer of Enercare.

The transaction is expected to close in the first half of 2027, following the receipt of customary regulatory approvals.

BMO Capital Markets and TD Securities are acting as financial advisors and Blake, Cassels & Graydon LLP is acting as legal counsel to PSP Investments. CIBC Capital Markets and Scotiabank are acting as financial advisors, and McCarthy Tétrault LLP is acting as legal counsel to Brookfield.

All figures are in Canadian dollars unless otherwise noted.

SOURCE PSP Investments