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The Caisse de dépôt et placement du Québec and French private investment firm Adrian are acquiring a significant stake in a global developer, producer and distributor of airport ground support equipment.

Headquartered in Paris, Alvest International’s customers include passenger and cargo airlines, ground handlers and airport authorities. The investment will contribute to the company’s efforts in building its global footprint, according to a press release.

Read: Caisse seeks 50% boost to low-carbon investment under new green-focused strategy

“Alvest is the right fit for us. Its airport equipment technology and services contribute to the aviation industry’s shift toward a lower-carbon future and are strongly aligned with our climate change strategy,” said Stéphane Etroy, executive vice-president and head of private equity at the Caisse, in the release.

“More broadly, Alvest is a leader in all its main business lines internationally and has a resilient, diversified and well-balanced business model in a growing market. Alongside Alvest’s experienced management team and our partners, we look forward to participating in the company’s future growth in new and existing markets.”

Alvest is aiming to lead the aviation industry’s technological and environmental shift toward reducing its emissions on the tarmac, according to the release, which notes the company’s hybrid green-taxiing vehicle caters to the industry’s challenge to reduce carbon dioxide emissions. Alvest is also bringing a complete range of electric equipment to market, including driverless vehicles, allowing airports to go greener.

“Our team is very proud to partner with CDPQ and Ardian, which have committed to support Alvest’s projects and development strategy,” said Jean-Marie Fulconis, chief executive officer of Alvest. “This powerful long-term backing will allow us to continue to make substantial investments in new technologies and products, and to bring our support and green contribution to our customers, and the aviation industry, to the next level.” 

Read: Caisse loans $150M to Quebec renewable energy company

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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