The Caisse de dépôt et placement du Québec is joining Placements CMI and Fonds de solidarité FTQ to take on equal ownership of multiple assets from private equity firm American Industrial Partners.
The transaction will come to more than $840 million and includes all of Canam Group’s Canadian operations and some U.S. and overseas assets. The group specializes in construction-industry solutions and fabrication.
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“This transaction will repatriate control of the company to Quebec and allow it to continue expanding, guided by its strong entrepreneurial culture,” said Charles Émond, executive vice-president for Québec, private equity and strategic planning at the Caisse, in a press release.
The transaction will bring together Canam plants in Alberta, Ontario and Quebec, as well as two U.S. operations, and the company’s engineering and drafting offices in Brasov, Romania and Kolkata, India.
“With this transaction, Canam Group becomes a wholly Quebec-owned company once again,” said Janie Béïque, executive vice-president of investment at the Fonds de solidarité FTQ.