M&A Deal Summary

CDPQ and PSP Investments Acquire Fives

On December 22, 2017, asset manager CDPQ and pension PSP Investments acquired engineering company Fives from Ardian

Acquisition Highlights
  • This is CDPQ’s 1st and PSP Investments’ 1st transaction in the Engineering sector.
  • This is CDPQ’s 5th and PSP Investments’ 2nd transaction in France.

M&A Deal Summary
Date 2017-12-22
Target Fives
Sector Engineering
Buyer(s) CDPQ
PSP Investments
Sellers(s) Ardian
Deal Type Secondary Buyout

Target

Fives

Paris, France
Fives is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. Fives has participated in the modernization of various global industries, including steel, aluminium, cement, energy, and more recently, the automotive and aerospace industries, as well as logistics. The group’s rich history is grounded in constant innovation, development of proprietary technologies, international expansion and a pioneering spirit. This enables Fives to have a comprehensive global vision of the various industries in which it operates, as well as strong expertise in the design of critical equipment and solutions for industrial processes. Fives was founded in 1812 and is based in Paris, France.

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Buyer(S) 2

Buyer

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 43 of 101
Sector (Engineering) 1 of 3
Type (Secondary Buyout) 9 of 20
Country (France) 5 of 9
Year (2017) 15 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-20 Groupe Solmax

Varennes, Quebec, Canada

Groupe Solmax is a manufacturer of geomembranes liners and offers containment solutions. Manufactured from Canada, USA, Malaysia, and Chile the company's products are sold in over 60 countries. Solmax was formed in 1981 and is based in Varennes, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Pomerleau

Montreal, Quebec, Canada

Pomerleau is specializes in the building, infrastructure and civil engineering and it also excels in virtual design and construction (VDC). Pomerleau was founded in 1966 and is based in Montreal, Quebec.

Buy -
Buyer

PSP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.

DEAL STATS #
Overall 17 of 29
Sector (Engineering) 1 of 1
Type (Secondary Buyout) 6 of 9
Country (France) 2 of 3
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 Vantage Data Centers

Santa Clara, California, United States

Vantage Data Centers is a scalable, flexible and efficient data center offering unique value through its commitment to exceptional customer service. Vantage offers data center design solutions engineered to meet the unique requirements of enterprises, technology companies and service providers. Vantage is based in Santa Clara, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 UTA

Beverly Hills, California, United States

UTA is a global talent and entertainment company. UTA represents many of the most acclaimed figures across film, television, news, music, sports, theater, fine art, literature, video games, podcasts and other social and digital content. UTA was founded in 1991 and is based in Beverly Hills, California.

Buy -

Seller(S) 1

SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 141 of 222
Sector (Engineering) 4 of 4
Type (Secondary Buyout) 53 of 89
Country (France) 68 of 106
Year (2017) 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 HISI

Milan, Italy

HISI is a holding company investing in both existing and future concession projects focusing on the Italian healthcare sector. Holding di Investimento in Sanità ed Infrastructure (HISI's) objective is to assist operators developing infrastructure projects to maximize the value of their equity holdings and realize their investment. HISI is based in Milan, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 Imagine Learning

Tempe, Arizona, United States

Imagine Learning operates a platform of digital and SaaS educational solution businesses and makes control investments in high potential businesses in the education industry. Imagine Learning was formed in 2010 and is based in Tempe, Arizona.

Buy -
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