La Caisse invests in the future of Harnois Group
Caisse de dépôt et placement du Québec announced today a $30-million equity investment in Harnois Groupe pétrolier, Québec’s largest independent distributor of petroleum products. The Fonds de solidarité FTQ has invested $15 million as part of this transaction.
This transaction will finance the acquisition of 36 Esso service stations located in the Montréal and Québec City regions. This will bring the Harnois Groupe pétrolier’s network to more than 400 sites operating throughout Québec under the Harnois, Pétro-T and Esso banners.
Focused on the future
The company is currently evaluating the development of flex-fuel stations that could be opened during the next two years. A project focused on integrating fast electric charging terminals into approximately 10 Québec stations is currently being evaluated. The addition of specific devices for energies such as propane and compressed natural gas is also under review.
“We believe that by integrating fast electric charging terminals, Harnois, the largest independent network in Québec, with its 400 service stations, could become one of the first networks to offer this flex-fuel option. This would position the company favourably amidst the energy transition underway in the market,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “This is aligned with la Caisse’s objectives to further the efforts of Québec companies that make innovation central to their development to grow and diversify, and to become agents of change in their industry.”
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“This transaction will enable us to continue to implement our development plan in Québec and outside the province,” said Serge Harnois, President and Chief Executive Officer of Harnois Groupe pétrolier. “The acquisition of Esso stations represents the largest investment in the group’s history and we are pleased to have participated alongside these two well-established investors.”
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ABOUT HARNOIS GROUPE PÉTROLIER
The company, founded in 1958, specializes in the sale and distribution of wholesale and retail petroleum products, lubricants and speciality products. It serves markets in Quebec, Nunavut and Labrador and is currently expanding to other Canadian provinces.
Harnois Groupe pétrolier is supported by a network of associated companies and a wide network of sub-distributors to meet the needs of consumers in six market segments: retail, commercial/service, industrial, residential, agricultural and aviation. Harnois Groupe pétrolier distributes products and services under the Esso and Mobil brands as well as under private labels Harnois, Pétro-T, H-Go, Diesel Express and Le magasin.
A staff of more than 600 dedicated employees help Harnois Groupe pétrolier fulfil its mission. With the acquisition of the 36 Esso sites, the company will operate a network of over 400 service stations under the Esso, Harnois and Pétro-T banners. Its annual sales volume of light petroleum products (wholesale and retail sales) will exceed 1.6 billion litres.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2016, it held $254.9 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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