Instar Acquires Infrastructure Firm Groupe Somavrac
AI Article Summary
Instar Asset Management has acquired Quebec-based Groupe Somavrac through a consortium involving Investissement Québec and the Fonds de solidarité FTQ. The acquisition aims to support continuity and growth for Somavrac, preserving over 500 jobs and maintaining its operations in Quebec. Groupe Somavrac, which operates across various sectors, will remain under CEO Marc Paquin for a transition period. The financial terms were undisclosed, but the Quebec government is providing $113 million to support the transaction.
What This Means for Canadian Contractors
This acquisition shows how partnerships can safeguard jobs and stimulate growth in key sectors like infrastructure. For Canadian builders, this means a potential increase in collaboration opportunities, secure employment, and sustained industrial operations, which can positively impact supply chain stability and project timelines.
