Alinda Said to Be Exploring C$3 Billion Sale of Reliance HomeBy , , and
Firm said to be working with Goldman Sachs to find a buyer
Alinda bought water heater company in 2007 for C$1.74 billion
Alinda Capital Partners, a U.S.-based infrastructure investment firm, is in talks to sell Canadian air-conditioning unit maker Reliance Home Comfort for more than C$3 billion ($2.2 billion), people with knowledge of the matter said.
Reliance is working with Goldman Sachs Group Inc. to find a buyer, said the people, who asked not to be identified because the information is private. The company is attracting interest from other private equity and infrastructure investment firms, the people said.
A spokeswoman for Goldman Sachs declined to comment, while spokesmen for Alinda and Ontario-based Reliance didn’t respond to requests for comment.
Alinda, based in Greenwich, Connecticut, bought Reliance’s predecessor for C$1.74 billion in 2007, according to a statement at the time. Reliance Home Comfort leases and services water heaters, furnaces and air conditioning units for about 1.7 million customers in Canada, according to Alinda’s website.
In 2014, Reliance agreed to pay a C$5 million penalty to the Canadian Competition Bureau following claims of anti-competitive practices. The company also committed to paying C$500,000 in investigation costs and to policies allowing consumers to switch providers.