21 Oct 2022
Fonds de solidarité FTQ to become minority shareholder in Quebec-based CMP
On October 21, 2022, Fonds de solidarité FTQ and CMP Advanced Mechanical Solutions, a Quebec-based provider of mechanical, sheet metal, and machined systems and enclosures, finalized a financing agreement where Fonds de solidarité FTQ made a minority investment in CMP. This investment will support CMP's goal to cut greenhouse gas emissions by half by 2030 and achieve net zero emissions by 2040. As part of its environmental commitment, CMP plans to build a zero-carbon plant by the first quarter of 2023.
Legal advice for the transaction was provided by Stikeman Elliott, with PricewaterhouseCoopers Corporate Finance acting as the financial advisor. However, the transaction value was not specified in the provided information.
CMP's President and CEO, Steve Zimmermann, highlighted the company's focus on value-added product design, environmental innovation, and a corporate culture rooted in human values and employee contributions. He emphasized the shared values between CMP and Fonds de solidarité FTQ, predicting growth in Canada and the United States, including the creation of over 250 skilled jobs in three years. CMP also introduced a new RRSP program in collaboration with the Fonds, enhancing its employee compensation plan.
Dany Pelletier, Senior Vice-President of Private Equity and Impact Investments at Fonds de solidarité FTQ, praised CMP for its commitment to developing new technologies and environmental achievements. He noted the investment's potential to help CMP reach its full potential and expand its North American presence, reaffirming the Fund's support for local companies excelling in both environmental and entrepreneurial aspects.