Press Releases

  • Wednesday, May 2, 2007
    GENIVAR Income Fund Acquires Nove Environment Inc.

    MONTREAL, May 2 - The GENIVAR Income Fund ("GENIVAR") announced today that it has acquired Nove Environment Inc. ("Nove"), an environmental consulting and land use planning firm. Based in Trois Rivières, Nove was founded in 1986 and has more than 30 employees. GENIVAR has over 1,800 employees in Canada and abroad.

    "We are very pleased that Nove has joined forces with the GENIVAR team," said Pierre Shoiry, GENIVAR's President and Chief Executive Officer. "Environment is a very important market segment for GENIVAR, which has a team of 200 experts in the field. This transaction strengthens our position in the Canadian environmental and scientific studies sector."

    "Environmental consulting is a strategic component of project development and execution. Thanks to our world-class team of multi-disciplinary experts, we are positioned as a key player in the field. With this acquisition, we have further enhanced our project services and client support, both in Canada and abroad, especially in the booming mining sector," added Mr. Shoiry.

    "Nove and GENIVAR have complementary areas of expertise, particularly in terms of human and social environmental studies," said Jean Boudreault, GENIVAR's Vice-President, Environment. "Nove has gained recognition for its air, water and soil contaminant modeling expertise and methodology. It is also highly specialised in environment within the nuclear power sector - a unique and exportable expertise."

    According to forestry engineer and Nove President Daniel Boisvert, "The key factors behind our decision to join forces were GENIVAR's entrepreneurial business model and its emphasis on flexibility and strong client service. Our human resources are well acquainted with each other thanks to our 10-year track record of collaborative projects, including several for Hydro-Québec. Becoming an integral part of GENIVAR has given us a new sense of momentum. And given GENIVAR's scale of operations, diversified skills base and financial resources, we are now positioned to tackle even larger and more complex projects."

    "Our teams uphold the same values, such as service quality and professionalism. This is a win-win situation for our team as well as for our clients," added Mr. Boisvert. "We will be able to meet our clients' expanding needs, while our employees will have access to new and challenging career opportunities across GENIVAR's network."

    As part of this transaction, Mr. Boisvert and eight additional Nove shareholders will become members of GENIVAR Inc., the group of shareholders consisting of over 200 employee-owners. GENIVAR Inc. retains a 41.8% ownership interest in the GENIVAR Income Fund.

    Nove's client roster

    Nove's client roster includes Hydro-Québec, Alcan, Alcoa Canada, IAMGOLD Corporation, QIT Fer et Titane, Domtar Inc., Kruger Inc., Smurfit-Stone Container Canada, Daaquam (Canfor) and BFI Canada, in addition to the cities of Trois Rivières and Shawinigan.

    GENIVAR

    GENIVAR is a leading Canadian engineering consulting company providing public and private sector clients with a complete line of professional services during all project phases, including planning, design, construction and maintenance. Its clients, both large and small, are active in a variety of market segments, including the building, industrial, power, urban infrastructure, transportation and environmental sectors. GENIVAR is one of the country's largest engineering consulting companies in terms of personnel, with approximately 1,800 managers, professionals, technicians, technologists and support staff in more than 40 offices in Canada and abroad (www.genivar.com).

    Marlene Casciaro,
    Communications Director,
    GENIVAR Income Fund,
    (514) 340-0046, ext. 5184;

    Pierre Shoiry,
    President and Chief Executive Officer,
    GENIVAR Income Fund,
    (514) 340-0046, ext. 5104;

    Daniel Boisvert,
    President,
    Nove Environment Inc.,
    (819) 371-3481, ext. 2229