CDPQ invests in Quebec engineering consultancy Norda Stelo

CDPQ, Quebec’s largest institutional investor, has bought a minority equity stake in Norda Stelo, a Quebec City-based engineering consultancy.

CDPQ has closed a $28.1-million equity financing, with Norda Stelo continuing to be majority-held by its employee shareholders.

The transaction is the first equity offering since the engineering firm's founding in 1963.

The partnership will enable Norda Stelo to pursue its acquisition plan, continue accessing larger markets, and accelerate growth in key sectors such as infrastructure, natural resources, and strategic industries.

The equity financing follows two years of collaboration with CDPQ as a lender – which enabled Norda Stelo to acquire CWA Engineers and InnovExplo.

“This partnership with Norda Stelo reflects our ambition to support the growth of companies that place sustainability and innovation at the heart of their business model,” said Kim Thomassin, EVP and head of Quebec at CDPQ. “After two years as a lender, during which we facilitated new local and national acquisitions, we are strengthening our commitment as a shareholder to invest in projects that will have a beneficial impact on our economy and our environment.”

CDPQ last year made significant investments in Quebec-based consultancies Levio and WSP.

CDPQ manages several public and parapublic pension plans and insurance programs in Quebec. Its net assets totaled $473 billion as of December 31, 2024.

“We are honoured to count on the support of CDPQ, a partner of choice that shares our vision of innovation and sustainability," said Alex Brisson, president and CEO of Norda Stelo.

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 750 employees, according to LinkedIn, and offices in Canada, the US, and New Caledonia.