CDPQ increases investment in Pomerleau
By Adam FreillConstruction
Caisse de dépôt et placement du Québec investing an additional $150 million to support pan-Canadian growth plan.
According to an announcement from CDPQ, the additional commitment aims to strengthen the strategic partnership between the two organizations and played a significant role in Pomerleau’s recent acquisition of ITC Construction Group, a residential construction firm based in Vancouver.
“We are proud that the CDPQ is extending its commitment to our 4,000 people, our values and our growth strategy,” stated Pierre Pomerleau, president and CEO of Pomerleau. “CDPQ is an outstanding partner and shareholder, and we are delighted that this renewed confidence can support the deployment of our strategic plan.”
“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 CDPQ’s Quebec operations. “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.”
According to company figures, since CDPQ’s first investment of $50 million in 2018, Pomerleau has more than doubled its revenues from $1.8 billion to $4 billion, and more than tripled its order backlog from $3.5 billion to $11 billion. Pomerleau’s Canadian projects outside of Quebec now account for almost half of its revenues.