Press Releases

Press Releases

  • Wednesday, September 2, 2009
    GENIVAR Income Fund Acquires Magnate, a Canadian Telecommunications Engineering Firm

    MONTREAL, Sept. 2 - The GENIVAR Income Fund ("GENIVAR") is pleased to announce the acquisition of Magnate Engineering & Associates Inc. and Magnate Communications Corp. ("Magnate"), a telecommunications engineering firm with 70 employees based in Ontario and British Columbia.

    "I am very pleased to welcome Magnate within the GENIVAR family," said Pierre Shoiry, GENIVAR's President and CEO. "Magnate will significantly strengthen and complement our telecommunications services while boosting our sector team to more than 200 employees in Canada. This strategic acquisition positions us as a key national player providing a full range of services, from engineering, design, site acquisition, project management and installation to wireless, fibre optic and cable industry services," he added. "The telecommunications industry is very active in Canada and abroad, and Magnate will provide significant momentum as GENIVAR reinforces its capabilities," he concluded.

    "Joining forces with GENIVAR will foster our development. We will also be better able to expand our services through GENIVAR's national and international operations network," said Elizabeth Stanmore, President and Deborah Kingston, Vice-President of Magnate. "Our growing clientele will benefit from GENIVAR's one-stop approach to engineering and project management. We found in GENIVAR the strategic partner to take Magnate to the next level of its development," they added.

    About Magnate

    Established in 1999, Magnate has 70 employees at its offices in Brampton, Ontario and Surrey, British Columbia. The firm has an extensive portfolio of completed projects throughout Canada and United States. It designed and managed major projects for utilities, transportation authorities, wireless and wireline providers, municipalities and electricity companies. It also designed the first information technology project in Toronto as part of the Group of experts on "smart community" put in place by the Federal Government. Magnate's clients include both carriers and vendors such as Rogers Wireless, Bell Mobility, TELUS Mobility, Greater Toronto Airports Authority, TeraGo Networks, Cogeco Date Services (formerly Toronto Hydro Telecom), Cogeco Cable, Shaw Communications, Comcast Cable Communications, and Cox Communications.

    About GENIVAR

    GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a comprehensive range of professional consulting services through all project phases, including planning, design, construction and maintenance. Clients operate in various market segments, including buildings, industrial and power, municipal infrastructure, transportation and the environment. GENIVAR is one of the largest engineering services firms in Canada with more than 3,800 managers, professionals, technicians and technologists and support staff at more than 70 locations in Canada and abroad.

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

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

    Elizabeth Stanmore,
    Magnate Engineering & Associates Inc.,
    (905) 799-8220