CDPQ Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, CDPQ has acquired 10 companies. It has also invested in 16 others.

CDPQ’s most common sectors for investment arebusiness services (9%) and information technology (8%) . The Firm’s most common investment types include growth capital (41%) and secondary buyout (20%). In total, CDPQ has invested in 13 US states and 12 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Allied Universal for $7.0B.

In the last 3 years, CDPQ has exited 8 companies. The Firm’s most common exit type is trade sale (31%). CDPQ’s largest (disclosed) exit occurred in 2022 when it sold Barrette Outdoor Living for $1.9B.

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M&A Summary

  • M&A Total Activity110
    • M&A Buy Activity97
    • M&A Sell Activity13
  • Total Sectors Invested 40
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 41
  • M&A Advisors 20

CDPQ

Caisse de dépôt et placement du Québec

65, rue Sainte-Anne, 14th Floor,
Québec, G1R 3X5
Canada
(418) 684-2334
www.cdpq.com/en/investments/private-equity
info@cdpq.com

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Manufacturing

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 250 1,000
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (6.4/yr) # 65 6 13 5 7 1 97
vol $26.8B $300M $27.1B
Sell (2.2/yr) # 2 3 5 2 1 - 13
vol $746M $1.9B $2.6B
  110

Most Recent M&A

Company Date Value Type
Levio, Inc. 2024-02-13 - Growth Capital
Québec, Quebec · www.levioconsulting.com
Solotech, Inc. 2023-11-29 - Stake Purchase
Montreal, Quebec · www.solotech.com
Solutions Beyond Technologies 2023-11-03 - Stake Sale
Montreal, Quebec · www.beyondtechnologies.com
H2O Innovation, Inc. 2023-10-03 300M CAD Going Private
Quebec City, Quebec · www.h2oinnovation.com
Vooban 2023-09-20 - Growth Capital
Québec, Quebec · www.vooban.com
Northvolt AB 2023-06-20 - Growth Capital
Stockholm, Sweden · www.northvolt.com
GSoft Group, Inc. 2023-06-08 - Growth Capital
Montréal, Quebec · www.gsoft.com
Westervelt Ecological Services 2023-03-02 - Growth Capital
Sacramento, California · www.wesmitigation.com
Concession A25 2023-02-06 - Stake Purchase
Laval, Quebec · www.a25.com
Akiem Group SAS 2022-12-09 - Divestiture
Saint-Ouen, France · www.akiem.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Verene Energia S.A. 2022-11-01 Integracao Transmissora de Energia S. A. 2023-11-01 1
Rio de Janeiro, Brazil · www.verenenergia.com Rio de Janeiro, Brazil · www.intesa.com.br
WSP Global, Inc. 2015-08-25 Berger Group Holdings, Inc. 2023-08-07 1
Montreal, Quebec · www.wsp.com Washington, District of Columbia · www.lbs-inc.com
WSP Global, Inc. 2015-08-25 John Wood Group - Environment & Infrastructure business 2022-09-21 13
Montreal, Quebec · www.wsp.com Aberdeen, United Kingdom
WSP Global, Inc. 2015-08-25 Capita Real Estate and Infrastructure Ltd. 2022-08-02 12
Montreal, Quebec · www.wsp.com London, United Kingdom · www.capitaproperty.co.uk
WSP Global, Inc. 2015-08-25 GL Hearn Ltd. 2022-08-02 11
Montreal, Quebec · www.wsp.com London, United Kingdom · www.glhearn.com
FNZ Group 2018-10-09 New Access SA 2022-07-20 4
London, United Kingdom · www.fnz.com Geneva, Switzerland · www.newaccess.ch
Howden Group Holdings Ltd. 2013-03-27 TigerRisk Partners LLC 2022-06-09 1
London, United Kingdom · www.howdengroupholdings.com Stamford, Connecticut · www.tigerrisk.com
Allied Universal 2019-02-20 Attenti Electronic Monitoring, Ltd. 2022-04-05 14
Santa Ana, California · www.aus.com Tel Aviv, Israel · www.attentigroup.com
Emeria 2016-07-05 FirstPort 2022-03-29 1
Antony, France · www.emeria.eu Hampshire, United Kingdom · www.firstport.co.uk
Invenergy Renewables LLC 2018-05-22 Invenergy Renewables - 150 Megawatt Solar Facility 2022-02-16 4
Chicago, Illinois · www.invenergyllc.com Chicago, Illinois

M&A by Sector

Sector Current # Value All-time # Value
Business Services 7 (8%) 5.2B (20%) 8 (8%) 5.2B (19%)
Information Technology 6 (7%) 2.5B (10%) 7 (7%) 2.5B (9%)
Internet Software and Services 6 (7%) - 7 (7%) -
Healthcare Services 6 (7%) - 6 (6%) -
Financial Services 5 (6%) 2.5B (10%) 5 (5%) 2.5B (9%)
Insurance 4 (5%) 4.7B (18%) 4 (4%) 4.7B (17%)
Environmental 4 (5%) 3.7B (14%) 4 (4%) 3.7B (14%)
Infrastructure 3 (3%) - 4 (4%) -
Renewable Energy 4 (5%) - 4 (4%) -
Media 2 (2%) - 3 (3%) 1.5B (6%)
Building Materials 2 (2%) - 3 (3%) -
Engineering 3 (3%) - 3 (3%) -
Transportation 3 (3%) - 3 (3%) -
Utilities 3 (3%) - 3 (3%) -
Automotive 2 (2%) - 2 (2%) -
Beverages 1 (1%) - 2 (2%) -
Consumer Products 2 (2%) - 2 (2%) -
Marine 1 (1%) - 2 (2%) -
Real Estate 1 (1%) - 2 (2%) -
Software 1 (1%) - 2 (2%) -
Staffing 2 (2%) - 2 (2%) -
Safety/Security 1 (1%) 7.0B (27%) 1 (1%) 7.0B (26%)
Aerospace 1 (1%) - 1 (1%) -
Construction 1 (1%) - 1 (1%) -
Consumer Services 1 (1%) - 1 (1%) -
Defense 1 (1%) - 1 (1%) -
Digital Media 1 (1%) - 1 (1%) -
Electrical Equipment 1 (1%) - 1 (1%) -
Energy Services and Equipment 1 (1%) - 1 (1%) -
Food - - 1 (1%) -
Furniture 1 (1%) - 1 (1%) -
Life Science 1 (1%) - 1 (1%) -
Machinery 1 (1%) - 1 (1%) -
Marketing 1 (1%) - 1 (1%) -
Medical Products 1 (1%) - 1 (1%) -
Metals/Mining 1 (1%) - 1 (1%) -
Publishing 1 (1%) - 1 (1%) -
Retail 1 (1%) - 1 (1%) -
Technology Hardware 1 (1%) - 1 (1%) -
Test/Measurement Equipment 1 (1%) - 1 (1%) -
Total 86 $25.6B 97 $27.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 39 (45%) 300M (1%) 44 (45%) 1.8B (7%)
  Quebec 37 (43%) 300M (1%) 41 (42%) 1.8B (7%)
  Ontario 2 (2%) - 3 (3%) -
United States 20 (23%) 17.2B (67%) 24 (25%) 17.2B (63%)
  California 6 (7%) 7.0B (27%) 7 (7%) 7.0B (26%)
  New York 5 (6%) 6.8B (27%) 5 (5%) 6.8B (25%)
  Illinois 2 (2%) - 2 (2%) -
  Pennsylvania 1 (1%) 3.4B (13%) 1 (1%) 3.4B (13%)
  Nebraska 1 (1%) - 1 (1%) -
  Kentucky 1 (1%) - 1 (1%) -
  Georgia 1 (1%) - 1 (1%) -
  Connecticut 1 (1%) - 1 (1%) -
  South Carolina 1 (1%) - 1 (1%) -
  New Jersey 1 (1%) - 1 (1%) -
  Florida - - 1 (1%) -
  Ohio - - 1 (1%) -
  North Carolina - - 1 (1%) -
France 7 (8%) - 9 (9%) -
Australia 6 (7%) - 6 (6%) -
India 4 (5%) - 4 (4%) -
United Kingdom 2 (2%) 2.9B (11%) 2 (2%) 2.9B (11%)
Colombia 2 (2%) - 2 (2%) -
Mexico 2 (2%) - 2 (2%) -
Germany 1 (1%) 5.2B (20%) 1 (1%) 5.2B (19%)
China 1 (1%) - 1 (1%) -
Brazil 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
Total 86 $25.6B 97 $27.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 35 (41%) - 39 (40%) -
Secondary Buyout 17 (20%) 21.9B (86%) 19 (20%) 21.9B (81%)
Stake Purchase 16 (19%) - 17 (18%) -
Divestiture 5 (6%) 3.4B (13%) 5 (5%) 3.4B (13%)
Buyout (LBO, MBO, MBI) 2 (2%) - 5 (5%) 1.5B (6%)
Going Private 4 (5%) 300M (1%) 4 (4%) 300M (1%)
Venture 3 (3%) - 4 (4%) -
Acquisition Financing 1 (1%) - 1 (1%) -
Add-on Acquisition 1 (1%) - 1 (1%) -
Consolidation 1 (1%) - 1 (1%) -
Recapitalization 1 (1%) - 1 (1%) -
Total 86 $25.6B 97 $27.1B

Exits by Deal Type

Type Total # Value
Stake Sale 3 (23%) 746M (28%)
IPO 3 (23%) -
Trade Sale 2 (15%) -
Trade Sale - Public Company 1 (8%) 1.9B (72%)
Bankruptcy 1 (8%) -
Merger 1 (8%) -
Recapitalization 1 (8%) -
Secondary Sale 1 (8%) -
Total 13 $2.6B

Top M&A Advisors

Financial Deals
Goldman Sachs
 2
PwC Corporate Finance LLC
 1
Credit Suisse Investment Banking
 1
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison
 2
McCarthy Tétrault
 1
Torys LLP
 1

Deal Values

buy # Total
> $1B 7 $26.4B
$100M to $1B 2 $685M
TOTAL $27.1B
Largest Allied Universal
$7.0B (2019-02-20)
sell # Total
> $1B 1 $1.9B
$100M to $1B 1 $746M
TOTAL $2.6B
Largest Barrette Outdoor Living, Inc.
$1.9B (2022-06-03)

M&A Connections

Deals
Acquired from
Investor(s)
23%
22 (23%)
Strategic(s)
6%
6 (6%)
Exited to
Investor(s)
31%
4 (31%)
Strategic(s)
46%
6 (46%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

80.0B CAD

Established

1965

Specialist/Generalist

Generalist

Leadership

Martin Longchamps

Executive Vice-president & Head of Private Equity

Kim Thomassin

Executive Vice-president & Head Of Québec

Thomas Birch

Global Managing Director, Venture Capital & Technology

Albrecht von Alvensleben

Managing Director & Head of Private Equity

Lorenzo Levi

Managing Director & Operating Partner, Private Equity, Europe

FAQ

When was CDPQ founded?

CDPQ was founded in 1965.

What type of investor is CDPQ?

CDPQ is an asset manager.

Where is CDPQ headquartered?

CDPQ is headquartered in Québec, Canada.

How much capital does CDPQ have under management?

CDPQ has 80.0B CAD under management.

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