Norda Stelo acquires mining specialist InnovExplo

04 March 2024 2 min. read

Norda Stelo, a Quebec City-based engineering consultancy, has agreed to acquire InnovExplo, a Val-d’Or-based consultancy specializing in geology and mining engineering.

Founded in 2003, InnovExplo has 34 professionals across offices in Val-d’Or, Longueuil, and Quebec City. The firm’s engineers, geologists, and technicians deliver technical reports and studies to support development of mining projects in Canada and abroad.

Norda Stelo’s acquisition of InnovExplo is part of its strategy to provide services across the entire value chain of critical, strategic, and precious metals, as well as industrial minerals. The deal will enable Norda Stelo to execute large-scale mining projects, access wider markets, and offer end-to-end solutions across the entire project lifecycle.

“Given the essential role of the mining sector in the global economy, the imperative for innovation, environmental stewardship, and social governance has never been greater," said Alex Brisson, CEO of Norda Stelo. "By integrating InnovExplo's specialized geological and mining engineering knowledge with our robust impact engineering model, we significantly enhance our capacity to navigate the complex ESG landscape our clients face.”

Norda Stelo acquires mining specialist InnovExplo

CDPQ and BMO are providing loans as part of the acquisition. CDPQ also provided a loan to Norda Stelo on its December acquisition of CWA Engineers, a Vancouver-based consultancy with 100 professionals.

The loans fall under CDPQ’s Ambition ME strategy, which involves supporting medium-sized companies driving their next stage of growth.

“This collaboration combines our deep industry knowledge with Norda Stelo's technological edge, setting us up to address the mining sector's evolving needs more efficiently and sustainably," said Carl Pelletier, co-CEO of InnovExplo.

Norda Stelo will progressively integrate InnovExplo throughout 2024, preserving the firm’s leadership team, who will play a key role in driving growth.

Founded in 1963, Norda Stelo (formerly Roche Ltd. Consulting Group) provides engineering services for projects in transportation infrastructure, mining and metals, energy, manufacturing, and processing. The firm has more than 660 employees, according to LinkedIn, and offices across Canada, the US, Africa, and Asia.