Harrison Street Asset Management takes majority stake in Vicinity Energy
Context
Harrison Street Asset Management, in partnership with Kenon Holdings, is acquiring a majority stake in Vicinity Energy, valuing the company at an enterprise value of . The transaction, announced on 30 September 2026, transfers the ownership of the United States’ largest district‑energy platform from Antin Infrastructure Partners’ Flagship Fund IV to the new joint‑venture buyer. Vicinity, headquartered in Boston, operates 19 district‑energy systems across 12 major cities—including Boston, Cambridge, Philadelphia and Baltimore—supplying steam, hot water and chilled water to more than 1,000 buildings and roughly 250 million square feet of floor space under long‑term contracts with universities, hospitals, data‑center operators and government entities. The acquisition aligns with Harrison Street’s strategy to expand its sustainable‑infrastructure portfolio and leverages Vicinity’s proprietary eSteam™ technology, which delivers carbon‑free thermal energy through electric boilers and industrial‑scale heat‑pump installations powered by renewable electricity. Since its formation in 2019 following Antin’s carve‑out of Veolia’s U.S. district‑energy assets, Vicinity has connected over 160 additional buildings and undertaken substantial capital upgrades to modernize its plants and underground pipe networks. Regulatory clearance is required, with closing anticipated in the first half of 2027. Financial co‑lead advisers Evercore Group LLC and TD Securities (USA) LLC, together with Natixis New York Branch acting as financial adviser to Antin and Vicinity, structured the deal, while Kirkland & Ellis LLP provided legal counsel. The sale represents Antin’s third exit in the current quarter and the first disposition by its Flagship Fund IV in the United States, delivering a material return to the fund’s investors. Antin’s partners highlighted Vicinity’s role in advancing the U.S. energy transition through the eSteam™ platform and its net‑zero‑by‑2050 ambition, positioning the company for continued growth under the new ownership.
It is worth noting that the fund Antin Infrastructure took control of Vicinity Energy through an LBO in 2019.
Target
Vicinity Energy (ex Veolia US District Energy) operates the largest district energy platform in the United States. The company owns and runs 19 district heating and cooling systems across 12 metropolitan areas, delivering steam, hot water and chilled water through proprietary underground pipe networks to more than 1,000 large, energy‑intensive facilities such as universities, hospitals, government buildings, data centers and commercial properties. Its business model relies on long‑term service contracts and on the eSteam™ offering, which generates carbon‑free steam using electric boilers and industrial‑scale heat‑pump technology powered by renewable electricity. Recent network expansions have connected over 160 additional buildings, and ongoing capital upgrades focus on improving plant efficiency, reliability and safety while supporting low‑carbon thermal energy supply.
Ent. Value
Equity Value
Multiples
FREE VIEW
EV / Revenue
4.8x
EV / EBITDA
EV / EBIT
Historical Financials (USD)
Other operations with Vicinity Energy
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2019 | ANTIN INFRASTRUCTURE | Vicinity Energy | UNITED STATES | District Heating |
REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 450M - 900M USD
EBITDA range: 100M - 200M USD
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Target: vicinity energy
Acquirer: harrison street asset management