About eStruxture
eStruxture is a Montreal-headquartered data center operator delivering colocation, cloud, and interconnection services across Canada. It manages eight facilities in Montreal, Toronto, Calgary, Kamloops, and Vancouver with over 200 megawatts of capacity, including Tier III certified sites supporting high-density computing. The company provides private cloud, managed hosting, and direct connects to AWS, Azure, and Google Cloud. Founded in 2010, eStruxture serves enterprises in finance, healthcare, and government sectors with 24/7 support and carrier-neutral networks.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Subscription
Valuation
$1.3B (acquired Jun 2024)
Sectors
eStruxture Acquisition
eStruxture was acquired by Fengate Asset Management and Pantheon for $1.3B on 19 June 2024.
Before the acquisition eStruxture had raised $575M across 2 funding rounds.
eStruxture Data Centers, a Toronto-based operator of 15 state-of-the-art data center facilities across Canada, was acquired by Fengate Asset Management in a CA$1.8 billion (US$1.3 billion) transaction completed in June 2024, representing the largest data center deal ever made in Canada. Fengate, a North American alternative investment manager with $8 billion in capital commitments under management and an existing stake in eStruxture since 2017, significantly increased its equity stake to more than two-thirds of the company by purchasing the equity held by Canadian pension fund Caisse de dépôt et placement du Québec. The investment was co-led by secondary investors Partners Group and Pantheon, with additional capital from Fengate Infrastructure Fund III and IV, including an investment by LiUNA's Pension Fund of Central and Eastern Canada. The transaction was driven by soaring global demand for data storage and processing capacity as major technology players expand cloud regions across Canada and artificial intelligence and machine learning become integral to business operations. eStruxture's founder, president, and CEO Todd Coleman, along with Jonathan Wener and the Wener Family Office, reinvested significant portions of their holdings, reflecting confidence in the company's strategic vision. The fresh capital will accelerate eStruxture's hyperscale growth and enable expansion of its facility portfolio to meet increasing data center capacity demand across Canada and beyond, positioning the company to deliver scalable and sustainable digital infrastructure solutions in a competitive market.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 19 Jun 2024 | PE buyout | $1.3B |
eStruxture Funding History
eStruxture has raised a total of $575M across 2 funding rounds.
eStruxture's first fundraising round was a $80M undisclosed-stage round in June 2017. The most recent completed round was a $495M undisclosed-stage round in May 2021.
eStruxture funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2021 | Undisclosed stage | La Caisse; Fengate Asset Management | $495M | eStruxture Data Centers is Canada's largest Canadian-owned, cloud and carrier-neutral data center provider, operating 15 state-of-the-art facilities nationwide and focusing on scalable, sustainable digital infrastructure to meet demand from cloud expansion, AI, and data sovereignty needs. In a deal around May 2021 (approximating 03/05/2021), eStruxture secured over C$600 million in incremental equity financing from Caisse de dépôt et placement du Québec (CDPQ, or La Caisse) and Fengate Asset Management, plus a credit facility from Deutsche Bank and Canadian banks; this built on Fengate's prior 2017 investment and positioned Fengate as a key partner through its private equity and infrastructure arms. A much later transaction in June 2024 saw Fengate lead a record-breaking CA$1.8 billion (US$1.3 billion) investment, described as the largest ever in Canada's data center sector, where Fengate significantly increased its equity stake to over two-thirds by acquiring CDPQ's holdings, with additional capital from institutional investors like Partners Group and Pantheon, plus reinvestments from founder Todd Coleman, Jonathan Wener, and management. This cash injection funded portfolio expansion amid surging data storage needs. Subsequent financings included a C$1.35 billion package in an unspecified recent date, featuring Canada's first data center asset-backed securities (C$750 million) and a C$600 million DevCo credit facility, backed by Fengate funds and others like LiUNA Pension, to accelerate nationwide development. eStruxture has grown from an idea eight years prior to Canada's leading platform, with Fengate emphasizing its credit quality and management expertise. |
| Jun 2017 | Undisclosed stage | Canderel (lead); La Caisse (lead) | $80M | eStruxture Data Centers launched as a new Canada-wide, network and cloud-neutral data center platform on June 14, 2017, headquartered in Montreal. The initial $80 million capital funding round was led by Canderel, a real estate investor, and Caisse de dépôt et placement du Québec (CDPQ), an institutional investor managing public pension and insurance funds. The funds supported the acquisition of Netelligent Hosting Services, eStruxture's first facility in Montreal (MTL1), and expansion plans across Canada including Toronto and Vancouver, focusing on large, energy-efficient data centers to meet demand from cloud adoption and Canadian data residency rules. The MTL1 facility featured specialized design supporting power densities up to 30kW per cabinet, far exceeding typical 5-10kW, with plans to double its size starting in early 2018. eStruxture aimed to serve local, national, and international companies adopting cloud computing, backed by experienced managers. CDPQ's Christian Dubé highlighted support for the business model and national expansion. CDPQ's 2017 annual report listed the investment as 80 M$ alongside Canderel to create a new cloud data center platform. Subsequent developments included a $170 million credit facility in 2019 and over $600 million financing in 2022 for the fifth acquisition since 2017 (Aptum's Canadian data center activities), consolidating national presence. In 2024, CDPQ sold its entire stake in a $1.8 billion recapitalization. |
Who has invested in eStruxture?
3 investors have backed eStruxture across its funding rounds, including La Caisse, Fengate Asset Management and Canderel.
Lead investors include Canderel and La Caisse.
eStruxture Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2017 | ||
This data is available for Pro users. Sign up to see all 3 eStruxture investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by eStruxture
eStruxture has acquired 4 companies to date.
Last acquisition by eStruxture was on March 30th 2021. eStruxture acquired Aptum for undisclosed valuation.
Latest Acquisitions by eStruxture
| Description | Aptum is a Toronto-headquartered global provider of hybrid multi-cloud infrastructure and managed services. The company advises on workload migrations to AWS, Azure, Google Cloud, and private platforms, alongside consulting for modernization and DevOps. Aptum operates data centers in North America, Latin America, the United Kingdom, and Europe. As a portfolio company of DigitalBridge Group, it delivers network connectivity and security services to enterprises in telecommunications and media. | Backbone Datavault is a Vancouver-based colocation data center offering secure rack space with redundant power, N+1 cooling via hot-cold aisle containment, and biometric access. The wholly owned facility features custom HVAC plenums and modeling for 99.99% uptime, serving businesses in British Columbia with private cages and cross-connects. | Kolotek is a provider of secure data center services for web hosting and cloud computing. The Warsaw-based company operates Tier III-certified facilities with redundant power and cooling systems. It offers colocation, dedicated servers, DDoS protection, and 24/7 technical support to clients in e-commerce and gaming. Kolotek's infrastructure spans 5,000 square meters, serving over 1,000 customers across Europe. | Netelligent Hosting Services is a provider of dedicated hosting, colocation, and bandwidth solutions from six Montreal data centers, operating its BGP4 network AS10929. Based in Montreal, Quebec, it supports complex server clusters and high-density connections. Founded in 2000, the company plans expansion to a seventh facility. |
| HQ Country | ||||
| HQ City | Toronto | Vancouver | Montreal | Montreal |
| Deal Date | 30 Mar 2021 | 19 Apr 2018 | 13 Feb 2018 | 14 Jun 2017 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all eStruxture acquisitions and their M&A valuation multiples. Start Free Trial | ||||
eStruxture Competitors
eStruxture competitors include listed companies like POET Technologies, Cordiant Digital Infrastructure, Beijing Topnew Info and Pakistan Telecom, and private ones like Panshi and NextSilicon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1M | ($60M) | $1.3B | 106.5x | ||
| Publicly listed | $221M | - | $1.3B | 6.5x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $39M | ($4M) | $1.2B | - | ||
| Publicly listed | $906M | $268M | $1.2B | - |
eStruxture Public Comps
eStruxture is no longer listed, but its public comps include POET Technologies, Cordiant Digital Infrastructure, Beijing Topnew Info, Pakistan Telecom, Entel, SUNeVision, Macquarie Technology Group, VNET Group, Phoenix Group and HIVE Digital Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1M | ($60M) | 475.5x | 106.5x | (8.6x) | - | |||
| $221M | - | 6.9x | 6.5x | - | - | |||
| $39M | ($4M) | 29.7x | - | (325.1x) | - | |||
| $906M | $268M | 2.6x | - | 8.9x | - | |||
| $3.1B | $719M | 1.1x | 1.0x | 4.7x | 3.6x | |||
| $374M | $266M | 9.8x | 8.9x | 13.7x | 12.1x | |||
| $263M | $81M | 3.9x | 3.6x | 12.6x | 12.2x | |||
| $1.5B | $463M | 4.1x | 3.7x | 13.2x | 11.8x | |||
This data is available for Pro users. Sign up to see all eStruxture competitors and their valuation data. Start Free Trial | ||||||||
Common questions about eStruxture
| When was eStruxture founded? | eStruxture was founded in 2017. |
| Where is eStruxture headquartered? | eStruxture is headquartered in Montreal, Canada. |
| Is eStruxture publicly listed? | No, eStruxture was acquired by Fengate Asset Management and Pantheon in June 2024. |
| Who acquired eStruxture? | eStruxture was acquired by Fengate Asset Management and Pantheon in June 2024. |
| How much was eStruxture acquired for? | eStruxture was acquired for $1.3B in June 2024. |
| How much funding has eStruxture raised? | eStruxture has raised $575M across 2 funding rounds. |
| What was eStruxture's last funding round? | eStruxture's last funding round was a $495M undisclosed-stage round in May 2021. |
| Who are eStruxture's investors? | eStruxture's investors include La Caisse, Fengate Asset Management and Canderel. |
| Which companies are comparable to eStruxture? | Companies comparable to eStruxture include POET Technologies, Cordiant Digital Infrastructure, Panshi, NextSilicon, Beijing Topnew Info and Pakistan Telecom. |
| How many companies has eStruxture acquired? | eStruxture has acquired 4 companies, including Aptum, Backbone Datavault, Kolotek and Netelligent Hosting. |
See companies similar to eStruxture
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




