Chicoutimi, January 11, 2023 – Desjardins Capital has announced that it has taken a minority stake in Cegerco, based in Saguenay, to be able to support the company's succession plan. After spending more than 50 years developing and promoting the company's expertise in construction project management, founder Jeannot Harvey wants to gradually cede control over Cegerco to a group of management employees in the region.
Cegerco is a general contractor specializing in commercial, institutional and industrial buildings, civil engineering projects such as dams, power plants, wharves, bridges and major concrete and earthworks. The company employs more than 300 people at its Chicoutimi headquarters and Montreal office.
In addition to allowing the business to remain based in Saguenay-Lac-Saint-Jean, Desjardins Capital will help Cegerco implement a growth plan to increase its annual revenue by 20%.
"We're very proud that Desjardins Capital is supporting us in our goal of preparing the next generation of company leaders as we continue to achieve sustained growth in our future revenues," said Jean-François Coudé, Cegerco's General Director. "This partnership will assure the new leaders that the Quebec company can remain profitable in the years to come."
"Over the past 5 years, Cegerco 2.0's senior management succession team has proven its ability to effectively manage the company's growth under difficult conditions in the construction market," said Jeannot Harvey, Cegerco's President. "We chose Desjardins Capital since it was, in all respects, the best possible candidate to become one of Cegerco's shareholders."
"Implementing a corporate succession plan is a crucial step in the growth of a business," said Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital. Our partnership will give the management team substantial support for its goal of continuing with Cegerco's mission. We know that the construction industry is competitive and vulnerable to economic ups and downs, but we're confident that Cegerco's positioning and reputation in its market will allow it to outperform and achieve its goals."
Solid reputation in the industry
With activities that range from project management to the construction of civil engineering projects and buildings worth millions of dollars, Cegerco is successfully holding its own among Quebec's biggest construction firms. Due to the company's reputation, major clients in the public and parapublic sectors, such as Société de transport de Montréal, Hydro-Québec, the Bagotville airport and the Société québécoise des infrastructures, have entrusted Cegerco with projects such as the Palais de justice de Roberval.
Cegerco's strict mandate management and integrated management system have helped it earn ISO 9001, ISO 45001 and soon ISO 14001 certification. It offers its clients specialized professional resources that can complete complex projects with a high degree of control over operations, costs and deadlines.
This cutting-edge expertise has been recognized by the industry in recent years:
- 2022 – Ranked No. 25 in the Top 100 Leaders de la Construction in Quebec for 2022
- 2022 – Won the 2022 Construire award for the Saguenay – Lac-St-Jean region given by the Association de la Construction du Québec
- 2020 – Won the Dubuc award for construction company of the year presented by the Chambre de commerce et d’industrie Saguenay-Le Fjord
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