CDPQ lifts up Eddyfi with $27m
Posted on 04 April, 2017 by Chris Winters, reporter
The investment will help Eddyfi’s international expansion through strategic acquisitions.
Caisse de dépôt et placement du Québec (CDPQ), which manages public and para-public pension and insurance plans in Quebec, has invested C$36.5m ($27m) in Canada-based industrial equipment developer Eddyfi.
Eddyfi develops equipment and software used to detect cracks, corrosion and other anomalies on different types of structures. The investment will fund the company’s acquisition plans.
In May 2016, the company acquired Silverwing, a UK-based developer of non-destructive testing technology to inspect storage tanks, vessels and pipes for corrosion, and hopes to continue its expansion with similar strategic acquisitions.
CDPQ holds C$270.7bn in assets, and invests in major financial markets, private equity, infrastructure and real estate. It is committed to help Quebec companies expand globally.
Christian Dubé, executive vice-president, Quebec at CDPQ said: “This transaction is well aligned with our commitment to help Quebec companies expand internationally as part of their growth strategy.
“Over the years, Eddyfi has innovated by investing in technologies to provide increasingly effective solutions better tailored to its clients’ needs. Today its equipment and software are recognised in more than 70 countries.”
See more from this Government Report: Canada
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