Caisse de dépôt et placement du Québec (CDPQ) and Ardian have wrapped up the acquisition of a significant equity interest in airport ground support equipment (GSE) provider Alvest.
The acquisition is expected to enhance Alvest’s capacity and benefit its customers, including passenger airlines, cargo airlines, ground handlers and airport authorities.
Alvest CEO Jean-Marie Fulconis said: “Our team is very proud to partner with CDPQ and Ardian, which have committed to support Alvest’s projects and development strategy.
“This powerful long-term backing will allow us to continue to make substantial investments in new technologies and products, and to bring our support and green contribution to our customers and the aviation industry to the next level.”
Alvest helps the aviation industry to reduce greenhouse emissions, focusing on GSE.
Its hybrid vehicle Taxibot moves aircraft without using jet engines, reducing airline dependence on fossil fuels and decreasing CO2 emissions.
The company is also scheduled to introduce a variety of electric equipment to enable the airports to go greener, including driverless vehicles.
Commenting on the investment made in Alvest, CDPQ executive vice-president and private equity head Stéphane Etroy said: “Alvest is the right fit for us. Its airport equipment technology and services contribute to the aviation industry’s shift toward a lower-carbon future and are strongly aligned with our climate change strategy.
“More broadly, Alvest is a leader in all its main business lines internationally and has a resilient, diversified and well-balanced business model in a growing market.”