CDPQ Increases Its Investment in Canadian Construction Leader Pomerleau
CDPQ invests an additional $150 million to support
its pan-Canadian growth plan
Montreal, December 7th, 2022 — CDPQ invests an additional $150 million in Pomerleau, one of the country’s most important construction companies. CDPQ’s additional commitment strengthens the strategic partnership between the two organizations as Pomerleau accelerates its growth in Canada. Amongst others, the investment played a significant role in Pomerleau’s recent acquisition of ITC Construction Group, a leader in residential construction based in Vancouver.
“We are proud that the CDPQ is extending its commitment to our 4,000 people, our values and our growth strategy,” says Pierre Pomerleau, President and CEO. 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 Québec at CDPQ. “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.”
Solid Track Record, Steady Growth Path
Since CDPQ’s first investment of $50M 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. Founded 60 years ago in the Beauce region of Québec, Pomerleau’s Canadian projects outside of Quebec now account for almost 50% of its revenues.
For 20 years, Pomerleau has been building its expertise in the Canadian residential housing sector, completing nearly 100 projects in Quebec, Toronto, Ottawa, and the Maritimes. With its recent acquisition of the Western-Canadian ITC Construction Group – the company’s largest acquisition in its history – Pomerleau will bring sustainable and innovative solutions to the entire Canadian residential segment.
In a context where 5.7M units are needed in the next 10 years across the country to contain the current housing shortage, Pomerleau intends to offer green, smarter, and cost-effective homes to Canadians. With 200 residential projects worth more than 5 billion dollars under its belt in British Columbia and Alberta, and 18 major residential projects underway, ITC is the perfect partner to help Pomerleau achieve its ambitions.
“Over time, Pomerleau has become more than a construction company, adds Pierre Pomerleau. Today, it structures alternative and collaborative models of delivery and financing. This allows us to tackle a wide range of increasingly complex projects – from hospitals to industrial facilities, wind farms and light-rail transit. We are also proud to offer much-needed solutions to Canadians, including low-carbon buildings as well as public transit and renewable energy infrastructure that help tackle climate change and improve the quality of life.”
Named one of Canada’s Top 100 Employers for a third consecutive year, the company and its subsidiaries empower their 4,000 employees to push boundaries, shaping the future through sustainable and state-of-the-art solutions that are both time and cost effective.
Pomerleau is one of Canada’s most important construction companies and a leader in sustainable buildings. The company specializes in the building, infrastructure and civil engineering and it also excels in virtual design and construction (VDC). 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. Pomerleau is the parent company of Borea Construction, the Canadian leader in renewable energy construction projects and owns Pomerleau Capital its private infrastructure investment and financing subsidiary. Recently, it acquired ITC Construction Group, a leader in residential construction in Western Canada. Since 2020, Pomerleau is part of Canada’s Top 100 Employers. www.pomerleau.ca
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
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