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Montreal, November 21, 2006 – The GENIVAR Income Fund (the “Fund”) announced today the acquisition of the Montreal-based engineering consulting firm of Martoni, Cyr & Associates Inc., which specializes in structural and civil engineering and is recognized as a Canadian leader in the field of telecommunications structures. The Fund has a workforce of almost 1,600 employees in Canada and abroad.
Martoni, Cyr & Associates has approximately 70 employees, including engineers and technicians. The firm has expertise in the fields of telecommunications, building engineering (institutional-commercial-industrial), high-rises and residential buildings, aircraft and engine testing facilities, stage and set engineering for entertainment events, cable-supported and tensile fabric structures and, more recently, in the wind power sector. The firm is active in a number of Canadian provinces and abroad.
“This acquisition consolidates our expertise and position as one of Canada’s leaders in the building sector. It enables us to broaden our client base and to add nationally and internationally recognized know-how in telecommunication tower design and reinforcement, as well as highly specialized stage and set design expertise,” said Pierre Shoiry, President and Chief Executive Officer of the Fund.
“We are very proud to welcome Martoni, Cyr & Associates within the Fund. All of the criteria we take into account when evaluating acquisitions have been met. In particular, the firm enhances our service offering, shares our organizational culture and corporate vision. They are well-respected in their field, with an outstanding project portfolio and a well-established clientele,” added
Mr. Shoiry.
“We are actively pursuing our business strategy of achieving growth in the Canadian market. The number of potential acquisitions in Canada remains high and the Fund is assessing additional consolidation opportunities that will enhance our expertise in certain sectors while boosting our market share in specific regions,” said
Mr. Shoiry.
Martoni, Cyr & Associates was founded in 1979 by Ciro Martoni, Eng., M. Eng., who specializes in the design of telecommunication towers and special structures. Roger Cyr, Eng., P.E., specializes in building structures and joined the firm as a partner in 1981.
“GENIVAR’s business model, which focuses on autonomy, close client relationships and a strong entrepreneurial culture, was a determining factor in our decision to join forces. We will continue to offer our clients high-quality customized services – an approach that characterizes both our companies, “ said Mr. Martoni.
“Merging with GENIVAR will foster our development and enable us to position ourselves for larger and more complex projects thanks to GENIVAR’s large-scale network. In addition, we will be able to offer multidisciplinary expertise within a single company,” said Mr. Cyr. “This will help us meet our clients’ growing needs, while our employees will gain access to exciting new career opportunities through GENIVAR’s network,” he added.
Martoni, Cyr & Associates’ clients include Hydro-Quebec, Bell Mobility, Rogers Communications Wireless Inc., Telus Mobility, Nexacor (Telecom), the Quebec Government’s General Directorate of Information Technology and Communications, Telebec Mobility, Fisheries and Oceans Canada, Prevel Group, Proment Corporation, Ivanhoe Cambridge Inc., CBC and Cirque du Soleil.
Recently completed projects and works in progress include Le Vistal, the future housing complex on Nun’s Island; the Tohu concert hall at the Cité des Arts du Cirque; and the office building complex at E-Commerce Place.
In the telecommunications field, the firm has emerged as a Canada-wide leader in developing innovative and creative methods for telecommunications tower reinforcement. These methods extend the life of telecommunications structures, reducing reconstruction costs and commissioning delays. Martoni, Cyr & Associates is one of the only firms in Canada to have analyzed, designed, reinforced and inspected over 5,000 such towers in Canada, the U.S., Brazil, China, India and Africa. It also originated the technique of applying a smooth polyethylene extrusion sheath to steel guy wires to reduce ice accumulation.
GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, which are of varying sizes, fall into various market segments such as building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada in terms of number of employees with approximately 1,600 managers, professionals, technicians and technologists and support staff in over 30 offices in Canada and abroad.
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Attachments: Martoni, Cyr & Associates profile and selected project fact sheets
For further information, please contact:
Pierre Shoiry, President and CEO,
GENIVAR
Phone: (514) 340-0046, ext. 5104
Marlène Casciaro, Communications Director,
GENIVAR
Phone: (514) 340-0046, ext. 5184
Ciro Martoni, Eng., M. Eng., President,
Martoni, Cyr & Associates
Phone: (514) 596-1000
