TORONTO, April 8, 2026 /CNW/ - At a time when condo development has slowed and many real estate players are reassessing how to grow, Originate Developments is taking a broader view of the built environment. Through Originate Partners, its operating platform, the company has completed the acquisition of Hydrastone, a Canadian specialist in the inspection, maintenance, relining, and long-term performance of large domestic hot water tanks.

For Originate, the acquisition reflects a broader conviction that in a slower development cycle, there is meaningful opportunity to build and grow essential service businesses that support the performance, longevity, and operation of the built environment.

"At Originate, our experience in development, ownership, and asset management has given us a deep appreciation for the specialized businesses that keep buildings operating long after construction is complete," said Adam Sheffer, CEO of Originate. "As owners and developers, we understand how important proper building system maintenance is to protecting asset value, avoiding resident disruption, and delivering a better experience for tenants. Originate Partners was built to acquire and grow exactly these kinds of essential service businesses, and Hydrastone is a strong example of that strategy in action."

Hydrastone has built a strong reputation in a highly specialized field, with deep technical expertise and a long track record of serving customers well. Its work helps real estate owners and operators extend asset life, reduce downtime, and avoid costly replacement through inspection, preventative maintenance, repair, and relining of critical hot water infrastructure.

Through the transaction process, Originate developed a strong relationship with Jamie Russell, Hydrastone's founder, and is pleased that he will continue with the business moving forward. Originate is also excited that Hydrastone's General Manager, Paul Duell, who has been a cornerstone of the business, is joining as a partner in the transaction.

"We are grateful for the opportunity to work alongside the Hydrastone team and look forward to building on the strong foundation they have created," added Sheffer.

Originate Partners also extends its thanks to Mark Borkowski of Mercantile Mergers & Acquisitions Corp., and Jamie Firsten and Danielle Levesque of Goodmans, for their support in completing the transaction.

About Originate Partners
Originate Partners acquires specialized service and light manufacturing businesses that deliver essential, recurring, and value-added solutions critical to the functionality and longevity of the assets they serve. More information: www.originatepartners.ca

About Hydrastone
Hydrastone specializes in the inspection, maintenance, repair, relining, and preventative maintenance of domestic hot water storage tanks and related potable water infrastructure. More information: www.hydrastone.com

SOURCE Originate Partners