Caisse de dépôt et placement du Québec has invested $36.5 million in Eddyfi, a Québec City developer of inspection equipment and software for the industrial sector. The deal, which gives the Caisse a minority stake, is intended to fund the company’s growth plan focusing on overseas strategic acquisitions. Founded in 2009, Eddyfi utilizes advanced non-destructive testing (NDT) technologies for products used in a wide range of sectors and in more than 70 countries. Last May, it acquired U.K.-based NDT products maker Silverwing Group from NVM Private Equity. Eddyfi is led by President and CEO Martin Thériault.
La Caisse invests $36.5 million to support Eddyfi’s international growth
QUÉBEC CITY, March 30, 2017 /CNW Telbec/ – Caisse de dépôt et placement du Québec has announced a $36.5-million investment in Eddyfi, a Québec developer of inspection equipment and software for the industrial sector. In addition to becoming a minority shareholder in the company, la Caisse will provide the necessary liquidity for Eddyfi to carry out its ambitious growth plan focusing on foreign acquisitions.
Headquartered in Québec City, Eddyfi is specialized in the development of equipment and software used to detect cracks, corrosion and other anomalies on different types of structures. Its advanced non-destructive testing (NDT) technologies – meaning no damage is caused to the asset being inspected – are used for the inspection of critical components in industries such as power generation, petrochemicals and aerospace.
With the implementation of its growth plan, Eddyfi is well-positioned to reinforce its status as a global industry leader. Its technologies are perfectly suited to respond to global market trends such as widespread aging of critical infrastructure and increased inspection standards imposed on heavy industries and the aerospace sector.
“This transaction is well aligned with our commitment to help Québec companies expand internationally as part of their growth strategy,” said Christian Dubé, Executive Vice-President, Québec at la 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.”
“Over the coming years, our growth will be focused in particular on strategic acquisitions. After acquiring Silverwing and IPN 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 Québec and internationally, la Caisse is without a doubt the ideal investor for Eddyfi, as it pursues its growth plans,” said Martin Thériault, President and Chief Executive Officer of Eddyfi.
Eddyfi currently has close to 200 employees working in its offices based in Canada, France, the United Kingdom, the United States, the United Arab Emirates and South Africa.
ABOUT EDDYFI TECHNOLOGIES
Eddyfi Technologies is a label designed to maximize the potential of multiple advanced and niche NDT inspection technology brands. With its two centers of excellence in Québec City (Canada) and Swansea (UK), Eddyfi Technologies focuses on offering high-performance NDT solutions for the inspection of critical components and assets through two strong, complementary brands: Eddyfi and Silverwing. The company serves customers in more than 70 countries in such major industries as nuclear, power generation, oil & gas, and aerospace, leveraging its six offices around the globe, all staffed with NDT experts.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2016, it held $270.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
For further information: Jean-Benoît Houde, Senior Advisor, Media Relations, Caisse de dépôt et placement du Québec, +1 514 847-5493, firstname.lastname@example.org; Véronique Chayer, Marketing Leader, Eddyfi, +1 418 780-1565 #430, email@example.com
Photo courtesy of Eddyfi Technologies