CDPQ announces minority investment in Bouthillette Parizeau

Investment comes off the back of CDPQ exiting oil and gas producer Corex

  • Bouthillette Parizeau specializes in green and sustainable engineering
  • The deal is aligned with CDPQ’s climate change strategy
  • CDPQ has committed to “contributing to the decarbonization of the real economy and achieving a carbon-neutral portfolio by 2050.”

Caisse de dépôt et placement du Québec (CDPQ) has acquired a minority stake in engineering company Bouthillette Parizeau. No financial terms were disclosed.

“CDPQ is proud to support a successful Québec company with a solid reputation in its main markets and strong development potential,” said Kim Thomassin, executive vice-president and head of Québec at CDPQ.

Bouthillette Parizeau specializes in green and sustainable building projects for the institutional, commercial, multi-residential and industrial markets. It provides expertise in mechanical and electrical engineering, sustainable development and energy efficiency, structural engineering, telecommunications, security, building automation, acoustics, food services and commissioning.

Patrick St-Onge, executive vice-president at Bouthillette Parizeau said of the deal “we have an ambitious strategic plan, and our partnership with the CDPQ is another way for us to achieve our objectives, which are to strengthen our position in Québec, ramp up development across Canada and stand out as a leader in building engineering, from coast to coast.”

CDPQ invests to generate returns over the long-term on behalf of Quebec public pension and insurance plans. It implemented its first climate strategy in 2017. CDPQ said it has surpassed its targets and is now looking to build on this experience to intensify efforts in achieving a net-zero portfolio by 2050. In 2021, CDPQ announced several commitments including but not limited to:

Holding $54 billion in green assets by 2025, achieving a 60% reduction in the carbon intensity of the total portfolio by 2030 and completing its exit from oil production by the end of 2022.