September 21, 2015 by STAFF REPORT
Pomerleau Inc has signed a letter of intent and has begun a due diligence process for the acquisition of the assets and project backlog of Quebec-based construction company Verreault.
“This acquisition is all about people and expertise,” said President and CEO Pierre Pomerleau. “Adding Verreault’s very skilled workforce to our team of experts reinforces Pomerleau’s identity as the incontestable construction leader in Quebec—and strongly positions us for the national expansion we are undertaking,” he added.
Pomerleau is the largest construction company in Quebec and one of Canada’s leading builders in the institutional, industrial, commercial, infrastructure and civil engineering sectors. The firm was recently ranked seventh in On-Site’s Top 40 Canadian Contractor Survey.
Once the transaction is completed (for which purchase details have not been released), Pomerleau will increase its backlog by approximately $300 million and will complete the projects initially undertaken by Verreault. This purchase comes fast on the heels of last month’s announcement that Pomerleau had purchased a majority stake in Aecon Group’s Atlantic Buildings Division for an undisclosed amount
“The Verreault acquisition combined with the recent expansion of our footprint in the Atlantic region is a concrete example of our commitment to grow the Pomerleau brand nationally,” said Pomerleau. “We are adding skills, experience and manpower to execute a wider variety of projects across Canada and will continue looking for further opportunities to grow,” he concluded.
This transaction has been approved by Pomerleau’s Board of Directors and awaits approval from the Board of Directors of GDI, the latter of which purchased Verreault in 2008. Due diligence is expected to be completed by October 2, 2015.
Pomerleau and Verreault have been active players in the Quebec construction industry and have worked in joint-venture arrangements on a variety of successful projects in the past, including the Montreal-Trudeau International Airport expansion, the CHUM Research Centre and the Sir Mortimer B. Davis Jewish General Hospital.
Verreault was founded in 1927 and is specialized in general contracting, project management, construction management and turnkey solutions in the commercial, institutional and industrial sectors.
Pomerleau is one of Canada’s leading construction companies and a pioneer in sustainable buildings. It specializes mainly in the building, infrastructure and civil engineering sectors. Founded 50 years ago, the company employs up to 4,000 people at its 10 regional offices and more than 100 worksites across the country. With annual sales of more than $1.6 billion in 2014, Pomerleau is a full-service firm and offers general contracting, project management, construction management and design-build contractual modes among others, as well as alternative financing arrangements. In addition, it is a champion of virtual design and construction. Pomerleau’s divisions include Civil, Buildings, Neilson, Santerre and Beaubois, and it co-owns Borea Construction, the leader in the Canadian wind farm industry.