Enercare and its wholly-owned subsidiary, Enercare Solutions, entered into a definitive merger to acquire SEHAC Holdings for $340.75 million, excluding transaction costs, subject to customary working capital and other adjustments.

Enercare will finance a portion of the transaction with a committed term loan provided by Enercare Solutions’ existing lenders, TD Bank and National Bank of Canada.

“The acquisition, which is a natural extension to our business, creates an opportunity to drive growth and create shareholder value,” said John Macdonald, president and CEO of Enercare.

Canadian-based Enercare provides heating and cooling solutions for homes and businesses.