Acquisition Marks Another Milestone in the Company's Expansion Strategy
MONTREAL, Sept. 17, 2015 /CNW Telbec/ - Pomerleau Inc., the largest construction company in Quebec and one of Canada's leading builders in the institutional, industrial, commercial, infrastructure and civil engineering sectors, announced today that it has signed a letter of intent and has begun a due diligence process for the acquisition of the assets and project backlog of Quebec-based construction company Verreault. The purchase price was not disclosed. Once the transaction is completed, Pomerleau will increase its backlog by approximately $300 million and will complete the projects initially undertaken by Verreault.
"This acquisition is all about people and expertise," said President and CEO Pierre Pomerleau. "Adding Verreault's very skilled workforce to our team of experts reinforces Pomerleau's identity as the incontestable construction leader in Quebec—and strongly positions us for the national expansion we are undertaking," he added.
"The Verreault acquisition combined with the recent expansion of our footprint in the Atlantic region is a concrete example of our commitment to grow the Pomerleau brand nationally," said Mr. Pomerleau. "We are adding skills, experience and manpower to execute a wider variety of projects across Canada and will continue looking for further opportunities to grow," he concluded.
This transaction has been approved by Pomerleau's Board of Directors and awaits approval from the Board of Directors of GDI, the latter of which purchased Verreault in 2008. Due diligence is expected to be completed by October 2, 2015.
Pomerleau and Verreault
Pomerleau and Verreault have been active players in the Quebec construction industry and have worked in joint-venture arrangements on a variety of successful projects in the past, including the Montreal-Trudeau International Airport expansion, the CHUM Research Centre and the Sir Mortimer B. Davis Jewish General Hospital.
Verreault was founded in 1927 and is specialized in general contracting, project management, construction management and turnkey solutions in the commercial, institutional and industrial sectors.
Pomerleau is one of Canada's leading construction companies and a pioneer in sustainable buildings. It specializes mainly in the building, infrastructure and civil engineering sectors. Founded 50 years ago, the company employs up to 4,000 people at its 10 regional offices and more than 100 worksites across the country. With annual sales of more than $1.6 billion in 2014, Pomerleau is a full-service firm and offers general contracting, project management, construction management and design-build contractual modes among others, as well as alternative financing arrangements. In addition, it is a champion of virtual design and construction. Pomerleau's divisions include Civil, Buildings, Neilson, Santerre and Beaubois, and it co-owns Borea Construction, the leader in the Canadian wind farm industry. For more details about Pomerleau, visit www.pomerleau.ca.
SOURCE Pomerleau Inc.
For further information: Carolyne Van Der Meer, Director of Communications, Pomerleau Inc., 514 789-2728, email@example.com