Ontario Construction News staff writer
The Labourers’ Union pension fund is backing an investment in the York Group of companies, an environmental and infrastructure services provider in Ontario.
The LiUNA Pension Fund of Central and Eastern Ontario (LPECEC) provided the funds through Fengate Asset Management, according to a news release issued on Monday.
The statement did not disclose the size or specific terms of the investment.
“The partnership with York, Fengate and LPFCEC will provide York with growth capital to continue to execute on its robust pipeline of M&A (mergers and acquisitions) and other strategic opportunities,” the statement said.
The statement says York has provided excavation, demolition, shoring, environmental remediation, contaminated soil treatment and transfer, and waste collection and transfer services to some of the largest infrastructure, commercial, and residential projects in the Greater Toronto Area, including Rogers Centre, Scotiabank Arena, Scotia Plaza, Metro Toronto Convention Centre, Roy Thomson Hall, St. Joseph’s Hospital, Eaton Centre, and CN Tower, among others.
“Fengate is very pleased to partner with the management team and existing ownership group of York, a leading player in a fragmented sector, on behalf of our client, LPFCEC,” said Justin Catalano, managing director and group head of private equity at Fengate. “York’s strong team, track record and pipeline of opportunities clearly indicate the company is ready for the next stage of growth, and we are excited to be a part of it.”
“LiUNA is proud of its investment in York, a leading provider of key services within the GTA and province of Ontario, with our pension fund continuing to invest in the region’s continued economic growth during the pandemic era,” said Joseph Mancinelli, LiUNA International vice-president and regional manager for Central and Eastern Canada. “York is a high-profile investment for LiUNA, building on a long-standing relationship between the two organizations spanning many years.”
“We are excited about this partnership with Fengate and LPFCEC, which marks an important milestone signaling the next phase of growth for York. It is very important for York to partner with investors who share the same principles, values and vision of creating one of the best-in-class infrastructure and environmental services companies in North America,” said York president and CEO Brian Brunetti.
“York has been executing an aggressive growth strategy and partnering with Fengate will enable us to deliver on the next phase of growth, while ensuring our customers are provided with peace of mind performance and service excellence for all services we offer. We are proud of the success our team has realized over the last few years and are excited about the prospects that lie ahead.”