A sale process for Brookfield’s Canadian home services provider Enercare is in the first round of bidding, according to three sources familiar with the situation.

At the end of January, sellside advisors CIBC and Scotiabank circulated marketing materials to prospective buyers to acquire Enercare’s Canadian water heater and HVAC leasing business, according to the first and second sources.

The sellers are marketing the business off of EBITDA of CAD 440m (USD 321.75m), the same sources said.

Brookfield Infrastructure Fund III (BIF III) acquired the home heating and cooling firm for CAD 4.3bn in a take-private deal in late 2018.

The sale process will not include any non-Canadian businesses like Richardson, Texas-based Service Experts, which Enercare acquired in 2016 for USD 340.75m, the sources said.

Peer companies in the market include several other Canadian residential HVAC and home equipment leasing businesses: Go Lime, which Basalt acquired in December 2025; Vista, which is majority owned by iCON Infrastructure Partners IV (iCON IV); and Canadian residential and commercial services company Reliance Home Comfort, which is owned by Victor Li’s and Li Ka‑shing’s CK Asset Holdings and CK Infrastructure Holdings, according to the first source and second sources.

Brookfield and CIBC declined to comment. Scotiabank did not respond to requests for comment.