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Artelia expands into Canada by acquiring FNX-Innov


With the acquisition of Quebec-based FNX-Innov, the French engineering group is turning its North American dreams into reality. A first step that could be followed by other acquisitions. Experts at AURIS Finance, a consultancy specialising in mergers and acquisitions, explain.

With this new acquisition, Artelia has acquired a major player in the Canadian market. FNX-Innov, which has 18 offices in Canada and nearly 1,100 employees, has announced a turnover of €100 million for 2022. While the engineering specialist is already present in some forty countries, Artelia was previously absent from North America. This highly strategic acquisition will enable the French giant to position itself in a fast-growing market.

A CA$180 billion investment over twelve years

In recent years, Canada has distinguished itself in the race for major projects. In 2016, the government launched a major construction and infrastructure programme. Called “Investing in Canada“, the plan commits a total of CA$180 billion (€123 million) over twelve years. Following the covid pandemic, the initial budget was increased, with an additional CA$33 billion (€22 million) earmarked for the provinces.

French companies in the running

The Canadian scheme has not gone unnoticed. The world’s engineering behemoths have stepped up their presence on the other side of the Atlantic. French companies are not to be outdone. Giants such as Setec and Ingérop have a longstanding presence in the Canadian market. In June 2023, Egis acquired Mcintosh Perry, an engineering consultancy operating in Canada and the United States. This acquisition strengthens Egis’ presence in North America. The French specialist is already well positioned in Canada, with a foothold in a number of major infrastructure projects such as the GO Rail Expansion project in Ontario and the rehabilitation of the Louis-Hyppolyte-La Fontaine tunnel in Montreal.

Going global

The result of a 2010 merger between two giants of French industry, Alcatel-Alsthom and Générale des Eaux, Artelia has grown through acquisitions. At the end of 2019, the Group acquired MOE, a major Danish engineering company, to strengthen its presence in Northern Europe. In 2020, the Group expanded into the United Kingdom with the acquisition of Austin Newport, an expert in the renovation of historic buildings. It is also positioning itself in offshore activities (oil & gas, wind energy), civil naval activities and defence, with the acquisition of the engineering company Principia in September 2020. With 8,600 employees and a turnover of €934 million, the group is now one of Europe’s top 15 construction engineering companies, and aspires to generate 50% of its profits outside France.

Our experts at your side

To meet national demand, it is best to work with local partners who know the territory and its particularities. The French engineering giants have understood this. To enter the Canadian market quickly, they are positioning themselves with companies that already have a presence on the other side of the Atlantic. But targets are rare and sometimes difficult to find. AURIS Finance’s experts are specialised by sector. They can help you identify a target or an acquirer, and work with you throughout the acquisition or sale process.

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#Engineering & New Technologies