The Caisse de dépôt et placement du Québec is investing $12 million to facilitate the acquisition of Vancouver-based CWA Engineers Inc. by engineering consulting firm Norda Stelo Inc.
The acquisition is expected to be completed in the next six months and the Caisse’s investment will “help drive [Norda Stelo’s] activities to its next stage of growth,” said Kim Thomassin, executive vice-president and head of Quebec at the Caisse, in a press release.
“In addition to more broadly promoting its industrial engineering expertise, this transaction will also open international doors for the company with new contracts in various regions.”
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In other news, the Ontario Teachers’ Pension Plan is selling its interest in Ohio-based snack food company Shearer’s Foods to private investment firm Clayton Dubilier & Rice.
The investment organization served as a majority shareholder of Shearer’s Foods for more than a decade, according to a press release. The financial details of the transaction weren’t disclosed.
“Over the past decade, we have been proud to partner with the Shearer’s management team as it established itself as a market leader in North America for private label and contract-manufactured salty snacks, cookies and crackers,” said Raymond Shiu, managing director of private capital at the Ontario Teachers’, in the release.