WSP Global Inc.

WSP Global Inc.

February 23, 2007 03:00 ET

GENIVAR Income Fund completes the acquisition of GLD Experts-Conseils Inc. and establishes a presence in the Beauce region

    QUEBEC CITY, Feb. 23  - The GENIVAR Income Fund ("GENIVAR")
is pleased to announce that it has acquired GLD Experts-Conseils Inc. ("GLD"),
an engineering consulting firm with 50 employees and offices in Saint Georges
and Sainte Marie (Beauce Region), Levis and Lake Megantic (Eastern Townships).
Founded in the late 1980s, GLD is active in the urban infrastructure,
transportation, building and environmental sectors.
    "We are very excited about this new acquisition," said Pierre Shoiry,
GENIVAR's President and Chief Executive Officer. "We are actively implementing
our business strategy and pursuing growth nationwide. GENIVAR now has
approximately 1,800 employees in Canada and abroad."
    "GLD met all of the criteria we look for when evaluating potential
acquisitions. The firm has deep roots in the region and strong community ties.
It also shares our values and our business culture," said Eric Tremblay,
GENIVAR's Vice-President for Eastern Quebec. "This acquisition will allow us
to expand our network and serve a larger clientele. It will also consolidate
our building expertise in the greater Quebec City area."

    Multidisciplinary expertise

    According to GLD President Martin Lacombe, "The key factors behind our
decision to join forces were GENIVAR's entrepreneurial business model and its
emphasis on flexibility and strong client service. Working together, we will
be able to pursue additional development in the region while expanding our
multidisciplinary expertise and positioning ourselves for larger projects
thanks to the wide range of skills available within the company. We will also
have access to increased financial resources." Mr. Lacombe added: "In addition
to the municipal engineering, building and environmental services we currently
offer, we will be able to provide a broader range of expertise, particularly
in the hydroelectric, wind power and industrial sectors. Moreover, our
employees will have new career and professional development opportunities
available to them."

    Solid partners

    As part of this transaction, Mr. Lacombe and 10 other partners will
become members of the group of shareholders consisting of more than
200 managers with a 41.8% ownership interest in the GENIVAR Income Fund.
Mr. Lacombe will be in charge of the Saint Georges and Sainte Marie
operations, while Mario Blais will oversee the Lake Megantic office. GENIVAR
is laying the groundwork for a new generation of leaders who will be provided
with a wide array of professional development opportunities. In keeping with
GENIVAR's commitment to local communities, they will also be playing an active
role in project execution and client support.

    GLD project overview

    Current GLD projects include the rehabilitation of Highway 173 in
Beauceville, Saint Georges, Saint Come and Saint Theophile. In the building
sector, GLD is completing construction of Laval University's Vandry Pavilion,
the Nouvelle-Beauce residential and long-term care centre and the Gabriel
Rousseau Professional Training Centre in Levis, in addition to the Chaudiere
Integrated Centre for Industrial Mechanics (CIMIC) expansion project in Saint
Georges. The potable water supply project and the upgrade of the network,
reservoirs and treatment facilities of drinking water that supply the City of
St. Georges and the municipality of Sainte-Marie are also among the firm's
projects.

    GENIVAR

    GENIVAR is a leading Canadian engineering consulting company providing
public and private sector clients with a complete line of professional
services during all project phases, including planning, design, construction
and maintenance. Its clients, both large and small, are active in a variety of
market segments, including the building, industrial, power, urban
infrastructure, transportation and environmental sectors. GENIVAR is one of
the country's largest engineering consulting companies in terms of personnel,
with approximately 1,800 managers, professionals, technicians, technologists
and support staff in more than 40 offices in Canada and abroad
(www.genivar.com).



Contact Information

  • Marlene Casciaro, Director of Communications,
    GENIVAR Income Fund, (514) 893-5953; Eric Tremblay, Vice-President, Eastern
    Quebec, GENIVAR Income Fund, (418) 623-2254; Martin Lacombe, President, GLD
    Experts-Conseils Inc., (418) 228-8041