EllisDon teams up with investment firm Fiera Capital on P3 projects
By On-Site StaffConstruction Financing
MISSISSAUGA, Ont.—Asset management firm Fiera Capital Corp. and contractor EllisDon have formed a new partnership to work together on a series of Public-Private Partnerships (P3).
The long-term agreement, signed last October but disclosed Jan. 29, covers a portfolio of nearly a dozen existing projects, as well as the right of first offer on future P3 jobs over an unspecified period of time.
The two companies disclosed few details about the deal, but said the partnership between EllisDon Capital and Fiera’s infrastructure arm would acquire EllisDon’s interest in 10 existing projects across four provinces. The joint statement did not disclose the cost of the purchase, or what share of the partnership each firm will hold.
“Partnering with EllisDon, one of North America’s most successful and experienced construction capital groups, enables Fiera Infrastructure to further access the highly competitive Public-Private Partnership market with a strategic long-term partner,” Alina Osorio, president of Fiera Infrastructure, said in a statement.
Along with the 10 projects the partnership will acquire, EllisDon said two P3 contracts it was awarded in 2018 will be subject to the right of first offer spelled out under the partnership deal. The EllisDon Capital-Fiera Infrastructure partnership can choose to acquire these and other future projects once construction on the jobs is completed.
EllisDon’s Capital unit will serve as the manager of the new partnership.