Northleaf exits investment in Xplornet Communications

TORONTO (June 17, 2020) – Northleaf Capital Partners (Northleaf) is pleased to announce that it has successfully exited its investment in Xplornet Communications Inc. (Xplornet) through its private equity secondary investment in MG Stratum Fund III, Limited Partnership (MG Stratum), a fund managed by McKenna Gale Capital Inc. This exit is the result of the previously announced sale of Xplornet to Stonepeak Infrastructure Partners, a US-based private equity firm.

Xplornet is one of Canada’s leading broadband service providers and for over a decade has been providing innovative fixed and mobile broadband solutions to rural customers at work, home and play across Canada.

“We identified Xplornet as an attractive investment with its entrenched business model providing solid downside protection in a late-cycle economy,” explained Matthew Sparks, Managing Director at Northleaf. “We then built up our exposure to Xplornet by acquiring several of MG Stratum’s limited partnership interests in the secondary market throughout 2018 and 2019.”

“The Xplornet realization is an example of Northleaf’s secondary investment strategy at work,” said Mike Flood, Head of Private Equity at Northleaf. “Proactively identifying attractive mid-market assets with strong growth potential, and finding value amidst challenging market conditions are hallmarks of our secondary strategy.”

About Northleaf

Northleaf Capital Partners is an independent global private markets investment firm with US$14 billion in private equity, private credit and infrastructure commitments under management on behalf of public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices. Northleaf’s 140-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park and Melbourne, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf’s portfolio includes more than 400 active investments in 35 countries, with a focus on mid-market companies and assets. For more information on Northleaf, please visit


Investment and transaction-related inquiries:

Matthew Sparks
Managing Director
t: 416.477.6567

Investor and media-related inquiries:

Nadine Cannata
Director, Marketing & Communications
t: 416.477.6623