Quebec’s largest construction company, Pomerleau announced on Sept. 17 that it has signed a letter of intent to buy the assets and order book of Quebec-based construction company Verreault.
The purchase price was not disclosed, but Pomerleau, one of Canada's leading builders in the institutional, industrial, commercial, infrastructure and civil engineering sectors, said it will increase its job log by approximately $300 million.
The deal has been approved by Pomerleau's board of directors and awaits approval from the board of directors of GDI, which purchased Verreault in 2008.
Due diligence is expected to be completed by Oct. 2.
Pomerleau and Verreault have worked in joint-venture arrangements on a variety of projects in the past including the Montreal-Trudeau International Airport expansion, the CHUM Research Centre and the Sir Mortimer B. Davis Jewish General Hospital.
Verreault, founded in 1927, is a specialist in general contracting, project management and construction management in the commercial, institutional and industrial sectors.
Pomerleau president Pierre Pomerleau commented that the Verreault acquisition combined with Pomerleau's recent expansion in the Atlantic region demonstrates the firm's commitment to expand nationally.
Founded 50 years ago, Pomerleau employs 4,000 people at its 10 regional offices with more than 100 worksites across the country and had annual sales of more than $1.6 billion in 2014.