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GENIVAR Acquires Aviation Services Provider Pryde Schropp McComb

2nd Sep 2010, 9:03 pm
GENIVAR Acquires Aviation Services Provider Pryde Schropp McComb

The GENIVAR Income Fund ("GENIVAR") (TSE:GNV.UN), a Canadian engineering firm, announced that it has acquired Pryde Schropp McComb ("PSMI"), an Ontario-based engineering firm with expertise in providing services to the aviation sector.  The financial terms of the transaction were not disclosed. 


PSMI specializes in engineering, project management, planning and software solutions for the aviation industry.

PSMI's clients include airports, airlines, as well as provincial and federal governments. PSMI employs over 40 employees which includes engineers, airport planners, GIS technologists, computer-assisted drafting technicians, and licensed pilots. 


 The acquisition of PSMI allows GENIVAR to expand its service offerings and cross-sell its own engineering services into the aviation sector. 


In acquiring PSMI, GENIVAR also obtained software packages ALFA, an airport landing fee and revenue management software, and AvGIS, a software used for land use management and analysis.  


GENIVAR is a Canadian engineering services firm organized as an income fund.   The company provides consulting services covering the whole project lifecycle. Its clients includes companies spanning the  buildings, industrial, power, municipal infrastructure, transportation and environmental sectors. GENIVAR has more than 4,500 employees located in over 85 locations across Canada and internationally.  


For fiscal 2009, the company recorded profits of $31 million on revenues of $478 million and paid out $29 million in dividends to its unit holders.

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