CDPQ invests $36.5M in Eddyfi

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By Ted Liu

Caisse de dépôt et placement du Québec (CDPQ) has made a $36.5 million minority investment in Eddyfi, a Québec City based developer of inspection equipment and software for the industrial sector. Caisse will also provide future funding to Eddyfi for any potential foreign acquisitions.

Management shareholders led by Martin Thériault, President & CEO, continue to own majority of Eddyfi.

Eddyfi is specialized in the development of equipment and software used to detect cracks, corrosion and other anomalies on different types of structures. Its advanced non-destructive testing (NDT) technologies – meaning no damage is caused to the asset being inspected – are used for the inspection of critical components in industries such as power generation, petrochemicals and aerospace.

“This transaction is well aligned with our commitment to help Québec companies expand internationally as part of their growth strategy,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “Over the years, Eddyfi has innovated by investing in technologies to provide increasingly effective solutions better tailored to its clients’ needs. Today its equipment and software are recognized in more than 70 countries.”

“Over the coming years, our growth will be focused in particular on strategic acquisitions. After acquiring Silverwing and IPN in 2016, it was important for us to team up with a partner that shared our ambitions and that had a clear understanding of our business culture and the dynamics of our industry. With teams in Québec and internationally, la Caisse is without a doubt the ideal investor for Eddyfi, as it pursues its growth plans,” said Thériault.

Eddyfi currently has close to 200 employees working in its offices based in Canada, France, the United Kingdom, the United States, the United Arab Emirates and South Africa.

photo credit: Eddyfi