Montreal, January 11, 2007 – The GENIVAR Income Fund (GENIVAR) is pleased to announce the acquisition of Toronto-based Kazmar Associates, Ltd. (Kazmar), a structural engineering firm of approximately 25 employees. GENIVAR, with a workforce of almost 1,800 employees across Canada and abroad, is actively pursuing its expansion at the national level and continues to develop its operations in Ontario where it employs a multidisciplinary team of over 300 people.
"We are very proud of our strong leadership position in the building market segment in Canada," said Pierre Shoiry, President and CEO of GENIVAR. "Kazmar adds a solid base of national repeat clients in the commercial, residential, industrial, hospitality, healthcare, educational, and recreational sectors both in Canada and internationally. The acquisition of Kazmar brings us additional expertise in structural engineering while at the same time strengthens our national platform in building engineering throughout Canada.”
"GENIVAR is a great strategic fit with our business and its diverse range of services and expertise throughout its national network will be tremendous assets to us and our clients," said Daniel Connolly, President of Kazmar. "This combined with their service-oriented team approach and entrepreneurial culture made the decision to join them very easy," he added. "Joining a recognized multidisciplinary group such as GENIVAR not only increases our financial capabilities, it makes us more versatile which, in the end can only benefit our clients. In addition, our employees will gain access to exciting new career opportunities through GENIVAR’s national and international network."
This is GENIVAR’s third acquisition following its Initial Public Offering in May 2006. With the high number of potential acquisitions in Canada, 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 Kazmar represents another step towards achieving this goal.
Kazmar Overview
Kazmar has been in operation since 1960 and has to its credit numerous projects including the Metro Toronto Convention Centre (MTCC) Hotel and Office Complex, the Rideau Centre in Ottawa, the following 3 high-rises; 55 University Avenue in Toronto, 220 Bay Street in Toronto, Grand Harbour Condominium in Toronto, and, the Connecticut Financial Centre in New Haven, Connecticut. Kazmar is recognized for its service-oriented approach and a practice that marries science and creativity to deliver efficient, economical, and aesthetically pleasing buildings on schedule and within budget.
GENIVAR Overview
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 in 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 across 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
Daniel Connolly, President,
Kazmar Associates Ltd.
Phone: (905) 475-8486, ext. 24
