Two existing shareholders of WSP Global—the Caisse de dépôt et placement du Québec and the Canada Pension Plan Investment Board—are each making an additional $40-million equity investment in WSP, the Montreal-based engineering firm.
The investment is to help the company finance its acquisition of Focus, an Alberta-based engineering company specializing in energy and natural resources.
“Through this investment, la Caisse is supporting a world-class player, one that is well established in Quebec, as it implements its acquisition-based growth strategy,” says Normand Provost, the Caisse’s executive vice-president, private equity.
“The injection of capital in WSP will also generate attractive returns for our clients,” he adds. “By strengthening its expertise in the energy and natural resources sector, WSP will be positioned to profit from substantially growing energy needs worldwide.”
WSP Global was formerly known as Genivar and adopted its new name earlier this year.
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