MONTREAL, Dec. 8 /CNW Telbec/ - The GENIVAR Income Fund ("GENIVAR"), a leading Canadian engineering firm, is pleased to announce the acquisition of Tundra Engineering Associates Ltd. ("Tundra"), a Calgary-based firm with a workforce of 150 employees. Tundra provides detailed design and project management services for pipelines and gathering systems, compressor stations, oil and gas batteries, gas processing plants and telemetry systems. Tundra currently provides services in the provinces of Alberta, British Columbia and Saskatchewan. As a result of this acquisition, GENIVAR now has a multidisciplinary team of over 500 employees in Alberta.
"This is a great strategic addition for GENIVAR in our industrial market," said Pierre Shoiry, GENIVAR's President and CEO. "Tundra positions us exactly where we want to be in the oil and gas industry in terms of delivering upstream infrastructure projects for natural gas and oil facilities. Over the past 16 years, Tundra has built an excellent track record in this sector and its management team will continue to lead and grow this line of business within GENIVAR," he added. "We believe that oil and gas development, both conventional and unconventional, is poised for steady growth in the next decade and that GENIVAR will be well positioned to service Tundra's longstanding exploration and production clients in Canada and abroad. This transaction also gives us the opportunity to provide our full slate of infrastructure engineering, environmental engineering and management services to Tundra's existing clients," he concluded.
Tundra engineers, designs and manages the development of oil and gas facilities for both multinational and emerging junior oil and gas production companies. It provides a full range of services for new and existing projects, ranging from initial feasibility studies and permits to final design, procurement, project management and construction monitoring.
"We are excited to be joining GENIVAR, not only because this transaction will create numerous opportunities for our employees and clients, but also because of our similar dynamic and entrepreneurial cultures, which will provide an excellent fit," said Craig Bacher, President of Tundra. "Over the years, we have built a reputation for delivering cost-effective solutions and providing exceptional client service. Our team looks forward to further developing our potential within GENIVAR."
About Tundra Engineering Associates Ltd.
Founded in 1994, Tundra provides detailed design and project management services for pipelines and gathering systems, compressor stations, oil and gas batteries, gas processing plants and telemetry systems for natural gas and crude oil facilities. With over 150 employees based in Calgary, Tundra has a number of core competencies, including engineering, designing and managing the development of oil and gas production and processing facilities.
GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a comprehensive range of professional consulting services throughout all project phases, including planning, design, construction and maintenance. Ranging in size and scope, GENIVAR's clients primarily operate in the building, industrial and energy, municipal infrastructure, transportation and environmental sectors. GENIVAR is one of Canada's largest engineering services firms based on number of employees, with more than 4,500 managers, professionals, technicians and technologists and support staff in more than 85 locations in Canada and internationally.
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Tundra Engineering Associates Ltd