12 Mar 2020
Plenary Group Holdings (Plenary Asia Pacific) and its North America founding principals today announced the sale of the North American operations (Plenary Americas) to its long-term strategic partner Caisse de dépôt et placement du Québec (CDPQ).
With this investment, CDPQ, a global institutional investor, acquires Plenary Americas’ operating business, as well as a controlling stake in its existing PPP portfolio.
With 36 projects, Plenary Americas’ leading collection of social and civil infrastructure assets is unique in both its geographic and sectoral diversification.
Plenary’s global Chairman John O’Rourke said CDPQ and Plenary Asia Pacific have been partners since 2012 when CDPQ first invested in Plenary projects. In 2016, CDPQ acquired a 20% stake in Plenary Asia Pacific.
“Our long-standing relationship gives us enormous confidence in the success of the acquisition for both CDPQ and the North American business. The acquisition validates Plenary’s global standing in the PPP market and our long-term partnership model,” Mr O’Rourke said.
“The divestment will free-up capital to support Plenary’s opportunities in the fast growing Australian and Asian infrastructure markets where the immediate pipeline on the eastern seaboard of Australia is of an unprecedented scale.”
CDPQ Executive Vice‑President and Head of Infrastructure Emmanuel Jaclot explained the institutional investor will retain its 20% stake in Plenary Asia Pacific.
“Over the years, CDPQ has appreciated first-hand Plenary Asia Pacific’s impressive know-how, particularly in developing and managing projects. We are very proud of our partnership with them and we look forward to what we can achieve together in the Australian and Asian markets,” Mr Jaclot said.
Mr O’Rourke added, “Plenary Asia Pacific and Plenary Americas will continue to work together very closely, sharing knowledge and resources, and potentially exploring new markets.”
Plenary Asia Pacific will retain a minority interest in Plenary’s North American public-private partnership portfolio.
Plenary is a leading independent long-term investor, developer and manager of public infrastructure in Asia Pacific with 20 assets under management worth more than A$23 billion. It adopts a holistic approach to delivering projects that embraces finance, design and construction, complementary commercial development, asset management and operations.
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