May 15 (Renewables Now) - Canadian private equity management firm Clairvest Group Inc (TSE:CVG) said on Thursday it has acquired the solar operations and maintenance (O&M) business of SunPower Corp (NASDAQ:SPWR) as part of a management buy-out.
Toronto-based Clairvest has made the acquisition together with Clairvest Equity Partners VI in line with a strategy to create a solar O&M platform through a “buy and build” approach. The move saw the existing management of the O&M business become material shareholders in it. The business, in turn, will be renamed NovaSource Power Services.
The SunPower O&M services encompass the commercial, industrial and utility solar sectors. The business is active in nine countries.
“We believe that NovaSource will strengthen its position as the leading global solar O&M provider of scale in the coming years [..],” said Ken Rotman, CEO of Clairvest. The transaction marks the third investment of the Canadian firm in the solar segment.
Marathon Capital served as SunPower’s exclusive advisor in the deal.