The Québec-based institutional investor is backing industrial inspection equipment developer Eddyfi's plan to acquire foreign companies; Eddyfi bought a U.K.-based inspection equipment firm in 2016
QUÉBEC CITY—Caisse de dépôt et placement du Québec (La Caisse) has announced a $36.5-million investment in Eddyfi, a developer of inspection equipment for the industrial sector.
In addition to becoming a minority shareholder in the company, La Caisse—an institutional investor that manages several pension and insurance plans in Québec—will provide the necessary liquidity for Eddyfi to carry out foreign acquisitions.
Headquartered in Québec City, Eddyfi is specialized in the development of equipment and software used to detect cracks, corrosion and other anomalies on different types of structures. Its non-destructive testing technologies are used for the inspection of critical components in the power generation, petrochemicals and aerospace industries.
“This transaction is well aligned with our commitment to help Québec companies expand internationally as part of their growth strategy,” said Christian Dubé, executive VP, La Caisse.
“Over the coming years, our growth will be focused in particular on strategic acquisitions. After acquiring Silverwing and IPN in 2016, it was important for us to team up with a partner that shared our ambitions and that had a clear understanding of our business culture and the dynamics of our industry,” said Martin Thériault, president and CEO of Eddyfi.
Silverwing is a U.K.-based industrial inspection company and IPN Machining is a Québec-based high-precision machine shop. With the acquisition of these two companies, Eddyfi has close to 200 employees working in Canada, France, the U.K., the U.S., the U.A.E and South Africa.