Caisse de depot invests $150 million in expanding Pomerleau
The Beauce-based company recently acquired ITC Construction Group, British Columbia.
Pomerleau employs approximately 4,000 people across Canada.
Caisse de depot et placement du Quebec (CDPQ) is investing an additional $150 million in construction company Pomerleau as the company “accelerates its growth in Canada” and expands its operations to British Columbia.< /p>
The CDPQ's investment notably played a significant role in Pomerleau's recent acquisition of ITC Construction Group, a leader in residential construction based in Vancouver, can be read in a press release published Wednesday morning by the bottom of wool of Quebecers.
This is the largest acquisition in the history of the company, already present in Quebec, Ontario and the Maritimes for twenty years. years.
Also according to the press release, Pomerleau intends to offer greener, smarter and less expensive housing to Canadians to address the housing shortage.
With 200 residential projects worth over $5 billion to its credit in British Columbia and Alberta, and 18 major residential projects underway, ITC is the ideal partner to enable Pomerleau to realize its ambitions.
The housing crisis is indeed raging across the country, particularly limiting the number of affordable housing units available. While people in Moncton have to resign themselves to living in a motel, students in Vancouver are camping full time in their van or even in a tent so they can continue their studies.
The first CDPQ's investment in Pomerleau dates back to 2018 and amounted to $50 million. Since then, the company, which employs about 4,000 people, has more than doubled its revenue, the statement read. It went from $1.8 billion to $4 billion. The Canadian projects outside Quebec of Pomerleau, founded 60 years ago in Beauce, now represent nearly 50% of its revenues.