Toronto — Fengate Asset Management and Lake Bridge Capital II are pleased to announce the sale of NRStor to funds managed by Blackstone Energy Partners. Fengate’s private equity team has been managing its investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.
NRStor C&I, a former subsidiary of NRStor Inc., is an innovative distributed energy resources platform headquartered in Toronto, Canada, with over 200 MWh of operational, in-construction and contracted projects.
The Company provides energy-as-a-service to customers across North America through a turn-key build, own and operate business model. A pioneer in the rapidly growing battery energy storage market, NRStor C&I is a market leader in its home market of Ontario, Canada, and has expanded into the United States by leveraging its scalable platform built to adapt to new market constructs and opportunities.
“We are extremely proud of the growth that NRStor C&I and its management team have achieved over LiUNA’s strategic partnership and innovative investment in energy storage,” said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “This capital along with Fengate’s commitment to relationship building has enabled continued expansion for NRStor C&I, and we wish them great success on this new chapter.”
“It has been an exceptional experience working closely with Moe and his team at NRStor C&I to help transform and grow the platform to where it is today,” said Omar Khalifa, Managing Director, Head of Private Equity Investments at Fengate. “We believe that the strong team and platform combined with their new partner’s scale and resources ideally positions NRStor C&I for the next stage of its evolution.”
Marathon Capital, LLC served as advisor to NRStor C&I, Fengate and Lake Bridge. McCarthy Tetrault LLP and Torys LLP served as legal counsel to NRStor C&I, Fengate and Lake Bridge.