CDPQ becomes a shareholder of Norda Stelo: A partnership to accelerate sustainable innovation

Norda Stelo is proud to formalize CDPQ’s capital stake after two years as a lender. This strategic partnership is aligned with a shared vision of innovation, sustainability and global outreach, marking a key move for Norda Stelo, Québec leader in impact engineering.

Norda Stelo therefore announces the closing of $28.1 million in equity financing from CDPQ while remaining majority-held by its employee-shareholders. This partnership will enable the company to accelerate its growth in key sectors such as infrastructure, natural resources and strategic industries, while consolidating its leadership role in the transition to a greener economy. Driven by the ambition to become the world leader in asset durability, this financial backing will make it possible for Norda Stelo to increase its capacity for innovation, pursue its acquisition plan and amplify its positive impact on its clients and the communities where it operates, both in Canada and internationally.

“We are honoured to count on the support of CDPQ, a partner of choice that shares our vision of innovation and sustainability. At Norda Stelo, we strongly believe that a company’s strength lies in its ability to create a positive and lasting impact for individuals and communities alike. This partnership is tangible recognition of Norda Stelo’s expertise and the relevance of its mission. Together, we will continue to build concrete solutions to meet the major challenges of our time, not by becoming the best in the world, but the best for the world,” said Alex Brisson, President and CEO of Norda Stelo.

“This partnership with Norda Stelo reflects our ambition to support the growth of companies that place sustainability and innovation at the heart of their business model. After two years as a lender, during which we facilitated new local and national acquisitions, we are strengthening our commitment as a shareholder to invest in projects that will have a beneficial impact on our economy and our environment,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

This investment represents a historic turning point for Norda Stelo, representing its first equity offering in 60 years. This considered choice is based on a shared vision: Continue accessing larger markets and sharing Québec know-how. CDPQ’s collaboration, which began in 2023, was key to completing the integrations of CWA Engineers and InnovExplo. The partnership announced today is built on proven synergies and mutual trust.

AEC Advisors, through its registered broker-dealer affiliate AEC Transaction Services LLC, acted as financial advisor to Norda Stelo for the transaction.