CLAREMONT — Canam Group announced Monday that the Canam plant in Claremont will be part of a multi-million dollar acquisition by a team of Québec investors.
On Monday, Canam, a bridge and structural steel manufacturer with more than 25 factories in North America, announced that a Québec investment group “have signed a definitive agreement” with the American Industrial Partners (AIP) equity firm to acquire all of Canam Group’s Canadian operation, as well as certain assets overseas and in the United States, including the Canam plant in Claremont.
Under the terms of the agreement announced Monday, the new company will be owned equally by the group including the Marcel Dutil family, Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ.
“With this transaction, Canam Group becomes a wholly Québec-owned company once again,” said Janie Béïque, an executive vice-president at Fonds de solidarité FTQ. “We are proud to renew our partnership with the Dutil family so that the great adventure of this Québec manufacturing flagship can continue.”
The C$840 million, roughly equivalent to $643.8 million in U.S. dollars, includes the Canam plants in Saint-Gédéon-de-Beauce, Québec, Boucherville, Québec, Mississauga, Ontario, and Calgary. The Canam Bridges plants are located in Québec City, Laval, Québec, and Shawinigan, Québec.
“[Additionally], engineering and drafting offices in Brasov, Romania, and Kolkata, India, Stonebridge’s erection operations in South Plainfield, N.J., as well as Canam Bridges U.S.’s assets in Claremont, New Hampshire, will also be part of the new company,” according to a press release by Canam Group.
The remaining 16 factories in the United States, which are operations of subsidiaries Canam Steel Corp. and FabSouth, are not part of the deal and will remain jointly owned by AIP and the Québec investor group.
“With the support of CDPQ and the Fonds, Canam will continue to grow with the same standards of quality and reliability that have made its reputation,” said Marcel Dutil, Chairman of the Board of Canam Group. “We would like to thank AIP for its support and look forward to continuing our partnership in the United States.”
The Claremont plant, located at 387 River Rd., employees about 120 people. Formerly owned by Eastern Bridge, Canam Group purchased the factory in 2007, with intent to increase the company’s involvement in U.S. bridge projects. The Claremont plant manufactured bridge parts for the $4.9 billion Tappan Zee replacement project in New York.
Dominique Blouin, the general manager of Canam-Bridges’ plant in Claremont, could not be reached for comment in time for this article’s publication.