The Caisse de dépôt et placement du Québec is joining forces with the Marcel Dutil family’s Placements CMI and the Fonds de solidarité FTQ to acquire the Canadian operations of the Canam Group, which specializes in designing and fabricating customized solutions for the construction industry.
The group has signed a definitive agreement with private equity firm American Industrial Partners for the acquisition, which will also include certain assets in the U.S. and overseas.
“With the support of CDPQ and the Fonds, Canam will continue to grow with the same standards of quality and reliability that have made its reputation,” said Marcel Dutil, chairman of the board of Canam Group, in a press release. “We would like to thank AIP for its support and look forward to continuing our partnership in the United States.”
The transaction, which is expected to total more than $840 million, will close in the coming weeks, subject to regulatory approvals.
Following the deal’s close, all three parties will have equal ownership in the new company.
“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.