The Quebec investor group is buying Canadian activities and other assets of the Canam Group

ST-GEORGES, Que. – A group of Quebec investors has signed an agreement with American Industrial Partners Equity Firm to buy the Canadian operations of Canam Group’s architectural steel company, as well as some assets in the United States and abroad.

The transaction, which is expected to close next week, will total more than $ 840 million.

Under the terms of the agreement, it was announced on Monday that the new company would be equally owned by the group, including the Marcel Dutel family, the Caisse de depo et placement du Quebec and the Fonds de solidarite.

The treaty includes St. Gadion-de-Beaux, Cui., Boucherville, Cui., Mississauga, Ont. And Canam Building Plant in Calgary and Quebec City, Laval, Cui. And Canam Bridge plants in Shaunigan, Q.

The new company will be part of Stonebridge’s erection operations in Brasov, Romania and Calcutta, India’s engineering and drafting office, South Plainfield, NJ, as well as Canam Bridge US in Clermont, NH.

The activities of US subsidiary Kanam Steel Corporation and FabSouth are not part of the agreement and will be jointly owned by AIP and the Quebec Investors Group.

“With the support of CDPQ and Funds, Canam will continue to grow with the same quality and reliability that has built its reputation,” said Marcel Dutil, chairman of Canam Group.

This report was first published in The Canadian Press on January 20, 2020.

Canadian Press