About This Fund
Ember SPV I Purchaser Inc. is a special purpose acquisition vehicle managed by Ember Infrastructure Management, LP, a North American infrastructure-focused private equity firm specializing in businesses that deliver resource efficiency, reduce carbon intensity, and enhance climate resilience across energy and water systems. The SPV was formed in 2023 to execute the take-private acquisition of H2O Innovation Inc. (TSX: HEO), a Canadian water and wastewater infrastructure company, through a court-approved statutory plan of arrangement under the Canada Business Corporations Act.
The acquisition closed on December 8, 2023, at a transaction value of C$395 million (approximately US$290 million) on a fully diluted equity basis, representing a 68% premium to H2O Innovation's pre-announcement share price of C$4.25 per share. The transaction was structured to include significant equity rollover by existing institutional shareholders: Investissement Québec contributed additional new equity alongside its rollover, CDPQ (Caisse de dépôt et placement du Québec) rolled over the majority of its shareholding, and H2O Innovation management rolled over a portion of its shares. Ontario Power Generation's pension fund also participated as a co-investor.
Ember Infrastructure Management focuses on middle-market investments in infrastructure businesses that support the global energy transition, with a particular emphasis on water and resource management, environmental services, and climate-resilient systems. Ember SPV I Co-Invest LP, a parallel co-investment vehicle, was registered with the SEC via Form D filing in October 2023, providing additional co-investment capacity alongside the primary SPV structure.