Montreal, December 20, 2006 – The GENIVAR Income Fund ("GENIVAR") is pleased to announce the acquisition of the Western Canada-based engineering consulting firm of Cochrane Design Group Inc ("CDG") which has over 150 employees with offices in British Columbia, Manitoba, Saskatchewan and Ontario. With this acquisition, GENIVAR has a workforce of almost 1,800 employees in Canada and abroad.
"This is an exciting period for GENIVAR. The acquisition of CDG represents a major step forward in pursuing strategic growth opportunities. In doing so, we gain an important foothold in Western Canada by establishing a presence in major cities, including Vancouver, Winnipeg, Saskatoon, and Regina where CDG is an industry leader. We will also be expanding our operations in Ontario," said Pierre Shoiry, President and CEO of GENIVAR.
GENIVAR is actively pursuing its goal of achieving growth in the Canadian market by expanding its national platform. The number of potential acquisitions in Canada remains high and GENIVAR is assessing additional consolidation opportunities that will enhance its expertise in certain sectors while boosting its market share in specific regions. The acquisition of CDG is consistent with this strategy.
"CDG is a very good fit because its culture and values are in line with those of GENIVAR," said Mr. Shoiry. "This firm, which was founded in 1974 by Trevor Cochrane is successful and respected in its field, has a strong entrepreneurial culture, a solid client base and an attractive portfolio of projects." He added, "CDG is also a leader in the market segments of building, urban infrastructure, transportation, power, and industrial and process facilities, providing engineering and project management services. They also offer architectural services through PBK Architects, and have leading expertise in recreational facilities, among others. "
"GENIVAR is a great strategic fit with our business and its comprehensive range of services and expertise will be tremendous assets to us," said Rob Harmer, President of CDG.
GENIVAR strives to achieve flexibility and close client relationships through its decentralized business model, focusing on a regional approach while giving access to the entire range of expertise of its network. This proven business model promises to attract more firms to join the GENIVAR team.
"GENIVAR’s focus on a strong entrepreneurial culture was a determining factor in our decision to join forces," said Mr. Harmer. "We will continue to offer our clients high-quality customized services – an approach that characterizes both our companies. We will also increase our financial capabilities, which will help us meet our clients’ growing needs and enable us to handle larger and more complex projects. In addition to all this," he added, "employees on both sides will gain access to exciting new career opportunities through the enlarged network at the national and international levels."
"I am very pleased to be able to pass on the torch to the seasoned and talented team now led by Rob Harmer," said Trevor Cochrane, founder of CDG. "Joining a strong team like GENIVAR is a great decision and I am confident that this will benefit both the employees and the clients of the company we founded over 30 years ago."
The effective date of the transaction will be January 1st, 2007 and is subject to customary conditions.
Cochrane project overview
Notable current projects include architectural and engineering services for the Canada Line Rapid Transit in Vancouver, a metallurgical coal mine in British Columbia, an ethanol plant in Saskatchewan, a water supply transmission pipeline for Pembina Valley Water Cooperative in Manitoba and the Steelback Centre, a 4,300 seat multi purpose event centre in Sault Ste. Marie, Ontario, home of the Soo Greyhounds of the Ontario Junior Hockey League.
The GENIVAR Income Fund is a leading Canadian engineering services firm providing private and public- sector clients with a full range of professional consulting services through all project execution phases including planning, design, construction and maintenance. The company’s clients are of varying sizes, and are active various market segments including the building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada in terms of number of employees with approximately 1,800 managers, professionals, technicians, technologists and support staff in over
35 offices in Canada and abroad.
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For further information, please contact:
Pierre Shoiry, President and CEO,
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5104
Marlene Casciaro, Director of Communications
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5184
J. Rob Harmer, President,
Cochrane Design Group
Phone: (604) 736-5421, ext. 100
