The Caisse de dépôt et placement du Québec is recapitalizing a U.S.-based medical services provider offering substance use disorders and mental-health treatments.

The deal, between the Caisse and Crossroads Treatment Centers, is expected to accelerate the latter’s expansion into new U.S. markets, according to a press release. Private equity firm Revelstoke Capital Partners, another long-term investor, is also participating in the recapitalization.

Based in Charlotte, N.C., Crossroads provides its 26,000 patients with a broad spectrum of health-care services, including medication-assisted treatment, access to care at all hours, in-person visits and laboratory services. It currently operates 115 treatment centres located in 10 states.

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In the press release, Martin Laguerre, executive vice-president and head of private equity and capital solutions at the Caisse, noted there was a growing demand for access to high-quality substance use treatment in the U.S. “We are pleased to support the next phase of Crossroads’ growth as the company continues to make these essential health-care services available to more patients across the United States.”

In other investment news, the Caisse is entering a definitive agreement with Invenergy and funds managed by Blackstone Infrastructure Partners for a $3 million equity investment in Invenergy Renewables Holdings, a U.S.-based renewable energy company.

The investment will provide capital to accelerate the company’s renewables development activities, according to a press release, which noted the Caisse and Invenergy management will remain majority owners of the company.

Invenergy Renewables has more than 175 projects totalling nearly 25,000 megawatts across four continents, focused on partnerships with utilities, financial institutions and commercial and industrial customers.

“For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release. “We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.”

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