The Caisse de dépôt et placement du Québec is investing $36.5 million in Eddyfi NDT Inc., a developer of inspection equipment and software for the industrial sector.
The investment will make the Caisse a minority shareholder and help Eddyfi grow by allowing it to carry out foreign acquisitions.
Headquartered in Quebec City, Eddyfi develops tools that detect cracks, corrosion and other anomalies on different types of structures without causing any damage. Its products are used for inspection in industries such as power generation, petrochemicals and aerospace.
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“This transaction is well aligned with our commitment to help Quebec companies expand internationally as part of their growth strategy,” said Christian Dubé, executive vice-president of Quebec at the Caisse. “Over the years, Eddyfi has innovated by investing in technologies to provide increasingly effective solutions better tailored to its clients’ needs. Today, its equipment and software are recognized in more than 70 countries.”
Martin Thériault, president and chief executive officer of Eddyfi, emphasized the company’s focus on acquisitions.
“Over the coming years, our growth will be focused in particular on strategic acquisitions,” he said, noting the company’s acquisition of two competitors in 2016.
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“After acquiring Silverwing and INN in 2016, it was important for us to team up with a partner that shared our ambitions and that had a clear understanding of our business culture and the dynamics of our industry. With teams in Quebec and internationally, la Caisse is without a doubt the ideal investor for Eddyfi, as it pursues its growth plans,” said Thériault.
Eddyfi has about 200 employees working in offices around the world.