PE Deals

Pomerleau secures C$150m in follow-on investment from CDPQ

Earlier this year, Pomerleau launched PCap Infrastructure and Renewables Fund to support the financing of infrastructure and renewable energy projects.

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  • Pomerleau specializes in the building, infrastructure and civil engineering as well as virtual design and construction
  • The capital infusion is intended to back Pomerleau’s pan-Canadian growth, including the company’s recent acquisition of ITC Construction Group

Caisse de dépôt et placement du Québec has invested an additional C$150 million in Pomerleau, a Montreal-based construction company.

The capital infusion is intended to back Pomerleau’s pan-Canadian growth. Specifically, it supported the company’s recent acquisition of ITC Construction Group, a residential construction firm based in Vancouver.

Pomerleau specializes in the building, infrastructure and civil engineering as well as virtual design and construction. Founded 60 years ago, the company employs close to 4,000 people at its nine regional offices and on more than 200 worksites across the country. It is the parent company of Borea Construction, a developer of renewable energy construction projects.

“Since our first investment in 2018, Pomerleau has grown substantially, more than doubling its revenues. CDPQ is proud to have been at the company’s side during this expansion and looks forward to continuing our commitment to support the execution of the company’s strategic development plan,” said Kim Thomassin, executive vice president and head of Québec at CDPQ, in a statement. “In addition to fostering the organization’s expansion across Canada with the ITC Construction Group acquisition, this investment is aligned with our desire to develop more sustainable living environments, and Pomerleau continues to play a major role in that regard.”

Earlier this year, Pomerleau launched PCap Infrastructure and Renewables Fund to support the financing of infrastructure and renewable energy projects. The fund, backed by CDPQ, will deploy more than C$85 million to projects across North America.

CDPQ, headquartered in Montreal, invests to generate sustainable returns over the long-term on behalf of Quebec public pension and insurance plans. As of June 30, 2022, its net assets totaled C$391.6 billion.