Jun 3 2010
The GENIVAR Income Fund ("GENIVAR"), a leading Canadian engineering firm, is pleased to announce the acquisition of Terrain Group Inc. ("Terrain Group"), an Atlantic Canada-based engineering, planning, and surveying firm with a staff of over 150 employees based in offices in Nova Scotia and New Brunswick, as well as Alberta. Terrain Group specializes in municipal engineering, planning, land surveying, transportation and environmental services.
"This is an exciting period for GENIVAR and I would like to warmly welcome Terrain Group's staff into our team. This strategic acquisition brings additional scale to GENIVAR's operations. Indeed, our firm now has a national presence extending from Nova Scotia to British Columbia," said Pierre Shoiry, GENIVAR's President and CEO. "We have established an important foothold in Atlantic Canada thanks to Terrain Group's strong local presence in Dartmouth, Nova Scotia and Moncton, Fredericton, Saint John and Sussex, New Brunswick. The firm also has an office in Edmonton, Alberta. We intend to build on our base in Atlantic Canada by attracting new partners and expanding our services in all of our market segments. Terrain Group will also enhance GENIVAR's expertise and client base. GENIVAR remains committed to the land surveying and planning services that Terrain Group offers, in addition to the company's engineering capabilities. We foresee additional growth opportunities by virtue of the fact that the municipal infrastructure, transportation and environmental sectors will be strong in the years to come," added Mr. Shoiry.
"We are very pleased to join forces with GENIVAR in a move that gives us new momentum," said Stephen Wallace, Terrain Group's President. "This is a great transaction as it provides our employees with additional growth opportunities as a result of being part of a national player. In addition, our clients will reap the benefits of a full range of engineering services and highly skilled professionals. This will help us meet our clients' growing needs and allow us to carry out larger and more complex projects," he added. "The number of potential acquisitions in Atlantic Canada remains high. In my capacity as GENIVAR's Vice-President for Atlantic Canada, we will assess additional consolidation opportunities aimed at expanding our regional platform and enhancing our expertise in all disciplines. GENIVAR and Terrain Group are a great cultural fit and share the same core values, including a strong entrepreneurial culture and regional focus. The future is full of exciting opportunities for our team and we look forward to working with our new colleagues as we develop new business opportunities for national-level clients," he concluded.
Source: http://www.genivar.com/