QIC, Ullico Complete Acquisition of CenTrio

QIC and Ullico have completed their previously announced acquisition of CenTrio, the largest pure-play district energy platform in the US, which is poised for accelerating growth.

CenTrio delivers reliable, cost-effective, and sustainable energy to customers across the US, providing critical heating, cooling, and electricity solutions to more than 400 buildings in urban centers, universities, and hospitals. CenTrio is a market leader in district energy with operations in New Orleans, Houston, Chicago, Los Angeles, Seattle, Portland, Syracuse, and Denver. The company has established its new corporate headquarters in New Orleans, where it employs 30 of its 170 staff nationwide.

CenTrio's sustainable district energy operations include North America's largest ice thermal storage facility, which is located in Chicago, and the largest sewer heat recovery system in the U.S., currently under construction in Denver.

"Our team is energized to work with our new owners QIC and Ullico in order to continue providing the resilient, sustainable energy solutions we are known for while identifying new ways to deliver even more value to our customers," said Doug Castleberry, President and COO of CenTrio. "Our partnership with QIC and Ullico will help us speed our expansion, in both current and new markets, as we capitalize on the many opportunities before us and further differentiate ourselves as an energy transition partner. We are very pleased to set up our headquarters in New Orleans, where we have built longstanding partnerships with the city and the state, and we look forward to growing together."

Ross Israel, Head of Global Infrastructure, QIC, added, "CenTrio enhances QIC's focus on investments in innovative distributed energy solutions. We look forward to working with CenTrio's outstanding team, which has pioneered low-carbon district energy solutions including ice batteries and sewer heat recovery. In doing so, we will leverage our energy sector expertise to further accelerate the company's growth across the U.S. and build long-term value for our investors."

Rohit Syal, Head of Acquisitions of Ullico Infrastructure Fund, commented, "Ullico is delighted to reach this milestone with QIC and CenTrio. Our collaboration will help CenTrio expand the reach and impact of its sustainable critical infrastructure services, bringing meaningful benefits to more customers and communities across the country. We look forward to building enduring partnerships with customers, their stakeholders, and the communities in which we operate."