French private equity company Ardian SAS is opening its first office in Canada to tap what it says is fertile ground for sustainable investments in renewable energy and other sectors.
“We have a big ambition to grow our footprint,” Mark Benedetti, a member of Ardian’s executive committee and co-head of its U.S. business, said in an interview. “I really feel like it’s just the beginning. I think we can do a lot here.” The Canadian government announced $80-billion in tax credits and investments in its spring budget aimed at promoting clean energy and sustainable infrastructure projects over the next decade. Observers have said they represent an unprecedented industrial policy leap by Canadian standards, even if they are dwarfed in many sectors by new American spending widely expected to surpass Washington’s projection of US$370-billion over a similar period.
In addition to Maple Leaf, Ardian’s corporate investments in Canada include Syntax, a Montreal-based IT services company, and Montreal-based New Look Vision, Canada’s biggest eyewear retailer. Clients in Canada include pension giant Caisse de dépôt et placement du Québec, the City of Montreal, University of Montreal, the Fondation Chagnon and Investment Management Corp. of Ontario.