CMI, CDPQ & Fonds de solidarité FTQ acquire Canam’s Canadian operations
January 20, 2020
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Placements CMI (Marcel Dutil family), Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ (the Fonds) have signed a definitive agreement with the American Industrial Partners (AIP) equity firm to acquire all of Canam Group’s Canadian operations, as well as certain assets in the United States and overseas.
The transaction is expected to close in the coming weeks and will total more than $840 million.
“With the support of CDPQ and the Fonds, Canam will continue to grow with the same standards of quality and reliability that have made its reputation,” said Marcel Dutil, chairman of the board of Canam Group. “We would like to thank AIP for its support and look forward to continuing our partnership in the United States.”
Under the terms of the agreement, the new company will now be owned equally by this group of Québec investors.
“This transaction will repatriate control of the company to Québec and allow it to continue expanding, guided by its strong entrepreneurial culture,” stated Charles Émond, executive vice-president, Québec, private equity and strategic planning at CDPQ. “We are delighted to continue working with the Dutil family and support Groupe Canam, a partner of over 25 years.”
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry
“With this transaction, Canam Group becomes a wholly Quebec-owned company once again,” said Janie Béïque, executive vice-president, investment, Fonds de solidarité FTQ. “We are proud to renew our partnership with the Dutil family so that the great adventure of this Québec manufacturing flagship can continue.”
The new company will bring together the Canam Buildings plants located in St. Gédéon-de-Beauce, Boucherville, Mississauga and Calgary, and the Canam Bridges plants located in Quebec City, Laval and Shawinigan (TecFab).
The engineering and drafting offices in Brasov, Romania and Kolkata, India, Stonebridge’s erection operations in South Plainfield, N.J., as well as Canam Bridges’ U.S. assets located in Claremont, New Hampshire, will also be part of the new company.
The operations of U.S. subsidiaries Canam Steel Corporation and FabSouth are not affected by this transaction and remain jointly owned by AIP and the Quebec investor group, under the terms of the transaction completed in 2017.