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CDPQ Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, CDPQ has acquired 10 companies. It has also invested in 11 others.

CDPQ’s most common sectors for investment arefinancial services (8%) and business services (7%) . The Firm’s most common investment types include growth capital (40%) and secondary buyout (20%). In total, CDPQ has invested in 14 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2025 when it acquired Innergex Renewable Energy for $10.0B.

In the last 3 years, CDPQ has exited 6 companies. The Firm’s most common exit type is trade sale (32%). CDPQ’s largest (disclosed) exit occurred in 2024 when it sold Techem for $7.6B.

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M&A Summary

  • M&A Total Activity120
    • M&A Buy Activity104
    • M&A Sell Activity16
  • Total Sectors Invested 41
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 47
  • M&A Advisors 27

CDPQ

Caisse de dépôt et placement du Québec

65, rue Sainte-Anne, 14th Floor,
Québec, Quebec 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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (6.4/yr) # 72 12 6 9 4 1 104
vol $26.8B $574M $300M $4.4B $10.0B $42.1B
Sell (2.2/yr) # 5 5 2 2 2 - 16
vol $746M $1.9B $13.9B $16.5B
  120

Most Recent M&A

Company Date Value Type
Innergex Renewable Energy, Inc. 2025-02-25 10.0B USD Going Private
Longueuil, Quebec · www.innergex.com
Techem GmbH 2024-10-01 7.6B EUR Secondary Sale
Eschborn, Germany · www.techem.com
Aareon AG 2024-06-24 4.4B EUR Secondary Buyout
Mainz, Germany · www.aareon.com
National Bank of Canada 2024-06-11 - Acquisition Financing
Montreal, Quebec · www.nbc.ca
Nuvei Technologies, Inc. 2024-04-01 6.3B USD Stake Sale
Montreal, Quebec · www.nuvei.com
QSL International Ltd. 2024-02-23 - Buyout (LBO, MBO, MBI)
Quebec, Quebec · www.qsl.com
Levio, Inc. 2024-02-13 - Growth Capital
Québec, Quebec · www.levioconsulting.com
Boulangerie St-Methode 2023-12-28 - Buyout (LBO, MBO, MBI)
Adstock, Quebec · www.boulangeriestmethode.com
Hopper, Inc. 2023-12-13 - Trade Sale
Montreal, Quebec · www.hopper.com
Solotech, Inc. 2023-11-29 - Stake Purchase
Montreal, Quebec · www.solotech.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WSP Global, Inc. 2015-08-25 Ricardo Plc 2025-06-11 20
Montreal, Quebec · www.wsp.com Shoreham-by-Sea, United Kingdom · www.ricardo.com
Groupe Fives-Lille 2017-12-22 Fives - Cryogenics business unit 2025-03-21 1
Paris, France · www.fivesgroup.com Paris, France
Howden Group Holdings Ltd. 2013-03-27 North Risk A/S 2023-12-14 2
London, United Kingdom · www.howdengroupholdings.com Kongens Lyngby, Denmark · www.northrisk.dk
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 19
Montreal, Quebec · www.wsp.com Aberdeen, United Kingdom
WSP Global, Inc. 2015-08-25 Capita Real Estate and Infrastructure Ltd. 2022-08-02 18
Montreal, Quebec · www.wsp.com London, United Kingdom · www.capitaproperty.co.uk
WSP Global, Inc. 2015-08-25 GL Hearn Ltd. 2022-08-02 17
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

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 7 (8%) 8.8B (21%) 8 (8%) 8.8B (18%)
Business Services 6 (7%) - 7 (7%) -
Internet Software and Services 5 (6%) - 7 (7%) -
Information Technology 5 (6%) 2.5B (6%) 6 (6%) 2.5B (5%)
Healthcare Services 6 (7%) - 6 (6%) -
Renewable Energy 5 (6%) 10.0B (24%) 5 (5%) 10.0B (21%)
Infrastructure 4 (4%) - 5 (5%) -
Insurance 3 (3%) 4.7B (11%) 4 (4%) 4.7B (10%)
Environmental 4 (4%) 3.7B (9%) 4 (4%) 3.7B (8%)
Transportation 4 (4%) - 4 (4%) -
Software 2 (2%) 4.4B (11%) 3 (3%) 4.4B (9%)
Media 2 (2%) - 3 (3%) 1.5B (3%)
Building Materials 2 (2%) - 3 (3%) -
Engineering 3 (3%) - 3 (3%) -
Utilities 3 (3%) - 3 (3%) -
Energy Services and Equipment 1 (1%) - 2 (2%) 5.2B (11%)
Automotive 2 (2%) - 2 (2%) -
Beverages 1 (1%) - 2 (2%) -
Consumer Products 2 (2%) - 2 (2%) -
Food 1 (1%) - 2 (2%) -
Marine 1 (1%) - 2 (2%) -
Real Estate 1 (1%) - 2 (2%) -
Staffing 2 (2%) - 2 (2%) -
Safety/Security 1 (1%) 7.0B (17%) 1 (1%) 7.0B (14%)
Communications 1 (1%) 574M (1%) 1 (1%) 574M (1%)
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%) -
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 90 $41.7B 105 $48.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 42 (47%) 16.6B (40%) 49 (47%) 18.1B (37%)
  Quebec 40 (44%) 16.6B (40%) 46 (44%) 18.1B (37%)
  Ontario 2 (2%) - 3 (3%) -
United States 20 (22%) 17.2B (41%) 25 (24%) 17.2B (36%)
  California 6 (7%) 7.0B (17%) 7 (7%) 7.0B (14%)
  New York 4 (4%) 6.8B (16%) 4 (4%) 6.8B (14%)
  Illinois 2 (2%) - 2 (2%) -
  Ohio - - 2 (2%) -
  Pennsylvania 1 (1%) 3.4B (8%) 1 (1%) 3.4B (7%)
  South Carolina 1 (1%) - 1 (1%) -
  New Jersey 1 (1%) - 1 (1%) -
  Nebraska 1 (1%) - 1 (1%) -
  Massachusetts 1 (1%) - 1 (1%) -
  Kentucky 1 (1%) - 1 (1%) -
  Georgia 1 (1%) - 1 (1%) -
  Connecticut 1 (1%) - 1 (1%) -
  North Carolina - - 1 (1%) -
  Florida - - 1 (1%) -
France 7 (8%) - 9 (9%) -
Australia 6 (7%) - 6 (6%) -
India 4 (4%) - 4 (4%) -
United Kingdom 2 (2%) 2.9B (7%) 2 (2%) 2.9B (6%)
Colombia 2 (2%) - 2 (2%) -
Mexico 2 (2%) - 2 (2%) -
Germany 1 (1%) 4.4B (11%) 2 (2%) 9.6B (20%)
New Zealand 1 (1%) 574M (1%) 1 (1%) 574M (1%)
China 1 (1%) - 1 (1%) -
Brazil 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
Total 90 $41.7B 105 $48.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 35 (39%) - 41 (39%) -
Secondary Buyout 17 (19%) 21.1B (51%) 20 (19%) 26.3B (54%)
Stake Purchase 15 (17%) - 17 (16%) -
Buyout (LBO, MBO, MBI) 4 (4%) - 7 (7%) 1.5B (3%)
Going Private 6 (7%) 16.6B (40%) 6 (6%) 16.6B (34%)
Divestiture 6 (7%) 4.0B (10%) 6 (6%) 4.0B (8%)
Venture 3 (3%) - 4 (4%) -
Acquisition Financing 2 (2%) - 2 (2%) -
Consolidation 1 (1%) - 1 (1%) -
Recapitalization 1 (1%) - 1 (1%) -
Total 90 $41.7B 105 $48.4B

Exits by Deal Type

Type Total # Value
Stake Sale 4 (25%) 7.0B (43%)
IPO 3 (19%) -
Trade Sale 3 (19%) -
Secondary Sale 2 (13%) 7.6B (46%)
Trade Sale - Public Company 1 (6%) 1.9B (12%)
Bankruptcy 1 (6%) -
Merger 1 (6%) -
Recapitalization 1 (6%) -
Total 16 $16.5B

Top M&A Advisors

Financial Deals
Goldman Sachs
 2
CIBC Capital Markets
 2
Morgan Stanley
 1
Legal Deals
McCarthy Tétrault
 3
Kirkland & Ellis
 2
Fasken Martineau DuMoulin
 2

Deal Values

buy # Total
> $1B 10 $47.1B
$100M to $1B 3 $1.3B
TOTAL $48.4B
Largest Innergex Renewable Energy, Inc.
$10.0B (2025-02-25)
sell # Total
> $1B 3 $15.8B
$100M to $1B 1 $746M
TOTAL $16.5B
Largest Techem GmbH
$7.6B (2024-10-01)

M&A Connections

Deals
Acquired from
Investor(s)
23%
24 (23%)
Strategic(s)
7%
7 (7%)
Exited to
Investor(s)
38%
6 (38%)
Strategic(s)
44%
7 (44%)

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, Quebec.

How much capital does CDPQ have under management?

CDPQ has 80.0B CAD under management.

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