ST-GEORGES, Que. — A group of Quebec investors has signed a deal to buy the Canadian operations of the Canam Group architectural steel company, as well as certain assets in the United States and overseas, from the American Industrial Partners equity firm.
The transaction, which is expected to close in the coming weeks, will total more than $840 million.
Under the terms of the agreement, announced Monday, the new company will be owned equally by the group including the Marcel Dutil family, Caisse de depot et placement du Quebec and Fonds de solidarite.
The deal includes the Canam Buildings plants in St. Gedeon-de-Beauce, Que., Boucherville, Que., Mississauga, Ont., and Calgary, and the Canam Bridges plants located in Quebec City, Laval, Que., and Shawinigan, Que.
Engineering and drafting offices in Brasov, Romania, and Kolkata, India, Stonebridge’s erection operations in South Plainfield, N.J., as well as Canam Bridges U.S.’s assets in Claremont, N.H., will also be part of the new company.
The operations of U.S. subsidiaries Canam Steel Corp. and FabSouth are not part of the deal and will remain jointly owned by AIP and the Quebec investor group.
“With the support of CDPQ and the Fonds, Canam will continue to grow with the same standards of quality and reliability that have made its reputation,” said Marcel Dutil, chairman of the Canam Group.
This report by The Canadian Press was first published Jan. 20, 2020.
The Canadian Press