Caisse de dépôt et placement du Québec (La Caisse) is backing professional services firm WSP Global with $40 million in growth funding. The investment news just after amid damaging political issues about WSP came out, according to Montreal Gazette.
WSP President and Chief Executive Officer (CEO) Pierre Shoiry said of the investment: "By once again supporting our growth strategy to make WSP, an international firm with a Montreal-based head office, into a global industry leader, la Caisse is giving us a real vote of confidence with this new investment. The financing will enable us to forge ahead with acquisitions in Canada and abroad, creating long-term value for shareholders."
La Caisse poured $80 million into WSP, formerly called Genivar, in 2011. This was followed up with a $98.5-million investment in 2012. The latest investment will fund WSP's growth via acquisition, the report explained.
According to a former vice-president, WSP backed a municipal political group with $300,000 to $400,000 from 2004 to 2008. However, the fundings were covered up using fake invoices, Montreal Gazette reported.
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