iCON IV has completed the acquisition of an 80 per cent interest in Vista Credit Corporation (Vista) from Jacob Polisuk, the company’s CEO and founder, and other senior management members who together will continue to own 20 per cent of the business.
Vista is a residential equipment leasing business which focuses on water heater, and heating, ventilation & air conditioning equipment as well as other components that are essential to the proper functioning of residential homes (e.g. water treatment and alarm systems).
Vista was established in 2007 by Jacob Polisuk, an experienced and successful entrepreneur in the Canadian water heater rental market. It has grown strongly via a differentiated business model which involves Vista partnering with a network of locally-focused dealers who originate rental contracts and then install and maintain the equipment.
Vista is based in Ottawa, Ontario, Canada and its business activities span seven provinces across Canada.
Vista is iCON’s third investment in North America (after Mountaineer Gas Company and Capstone Power Corp.) and is the second investment in iCON IV. It is another example of iCON’s successful origination and partnership strategy in competitive market conditions.
Michael Smerdon, Head of iCON Infrastructure North America, says: “We are delighted to invest in Vista and partner alongside Jacob and his management team. They have a proven track record of profitable growth in the sector and we look forward to working with the team towards a bright future for the business.”
Jacob Polisuk, CEO of Vista, says: “We chose to partner with iCON Infrastructure for the next phase of Vista’s growth because we share similar fundamental values and ambitions for long term success, which will be achieved by continuing to support our dealer partners in core markets.”
