CDPQ takes part in the transaction.


Québec City, December 13, 2023 – Quebec-based independent engineering consulting firm Norda Stelo Inc. has reached a significant milestone in its journey with the strategic acquisition of Vancouver-based engineering powerhouse, CWA Engineers Inc. (CWA). This move reflects a thoughtful collaboration between Norda Stelo’s forward-thinking expertise and CWA’s distinguished leadership, recognized for their success in the execution of major projects, greenfield engineering and large capital project development and execution.

Redefining Engineering Excellence

This acquisition is more than a joining of forces; it’s a blending of strengths. The accomplished leadership team from CWA, known for their project proficiency, will seamlessly integrate into Norda Stelo, enhancing the collective capabilities of both firms. Rooted in a commitment to innovation and sustainability, this alliance is set to redefine engineering excellence globally.

Norda Stelo’s established legacy in automation, port and rail infrastructure design, and liquid/gas material handling aligns seamlessly with CWA’s deep knowledge in bulk material handling. This strategic alignment, supported by a robust ESG framework, positions the firm as a formidable force in engineering, dedicated to serving sectors with unprecedented growth potential in key global markets.

Harnessing Synergies

This acquisition is pivotal in harnessing synergies that leverage Norda Stelo’s core strengths in ESG and asset management, harmonizing them with CWA’s well-established legacy of engineering solutions catering to diverse terminal configurations and throughputs. Together, they will collaboratively shape an integrated “site-to-port” strategy for clients, fortifying their complete value chain, spanning from resource extraction to national and global distribution.

“Drawing from our complementary services, we are poised to become the global leader in smart “site-to-port” operations, tending to the ports and terminals sector, as well as in the mining, rail, construction aggregates, and wood product industries,” said Alex Brisson, President and Chief Executive Officer of Norda Stelo.  “With CWA, we have an opportunity to enhance our service offering to long-term client partnerships from both companies and to expand our reach with significant projects nationally and in foreign markets, focussing on the USA and beyond.”

The combined proficiency of both companies in brownfield engineering, asset management, and asset integrity establishes a distinctive collaborative strength, positioning the firm as a trailblazer in adeptly addressing a diverse range of intricate challenges and operational needs. Notably, Norda Stelo holds the distinction of being the first Canadian engineering consulting firm to achieve B-Corp certification. In addition, with the inclusion of STELAR, Norda Stelo’s proprietary asset data management and strategic planning platform, this acquisition significantly enhances the company’s capacity to protect and optimize its customers’ current infrastructure and assets.

“Our new combined entity is as complementary as it is revolutionary for our companies,” said CWA Chief Executive Officer, Raymond Chu. “We are facilitating meaningful transformation together. We’re able to realize our vision of expanding into new, foreign markets and ensure a lasting legacy for both the company and its people through exciting career opportunities. We’re also cementing our growth strategy and vision to consolidate our value proposition and not only expand our reach from coast-to-coast but enhance the company’s offering in the mining and ports sectors globally.”

Operating under the Norda Stelo brand after the 6-month transition period concludes, the acquisition will incorporate over 100 engineers, technologists, designers, and support staff into the company’s existing 750 employees. Leadership and locations will remain consistent, with CWA’s CEO, Raymond Chu, assuming the role of Vice President, Western Canada and USA, and operating from the former CWA offices in Vancouver, BC. This strategic move ensures continuity and sets the stage for continued growth and success.

CDPQ contributes to this expansion

CDPQ is also participating in the transaction to merge Norda Stelo and CWA with a loan of $12 million.

“CDPQ is proud to support the expansion of this Québec company and support its entry in the Western Canadian engineering market,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “This initial investment by CDPQ in Norda Stelo will help drive the company’s activities to its next stage of growth. In addition to more broadly promoting its industrial engineering expertise, this transaction will also open international doors for the company with new contracts in various regions.”

This transaction is part of CDPQ’s Ambition ME strategy, which involves supporting medium-sized companies with strong development potential and driving their next stage of growth.

AEC Advisors ( advised Norda Stelo in the transaction.

About Norda Stelo

Founded in 1963, Norda Stelo is a Quebec-based independent engineering consulting firm recognized for sixty years for its expertise in the realization of integrated projects in road, port, and rail transportation infrastructures, as well as in various industries including mining and metals, energy and manufacturing and processing. The company supports its customers at every stage of their projects, emphasizing its commitment to quality, innovation, and value creation.

Norda Stelo operates in over 50 countries and is B Corp certified, demonstrating its commitment to the common good and sustainability. For more information on Norda Stelo and its services, visit

About Norda Stelo’s Innovations and Solutions Group

Norda Stelo’s Innovations and Solutions group develops and delivers innovative solutions and services to customers in road, port, and rail transport infrastructures, as well as in various industries including mining and metals, energy and manufacturing and processing. These solutions include asset management, ESG initiatives, decarbonization and the STELAR asset management technology platform. For more information on the Stelar platform, visit

About CWA Engineers

CWA Engineers Inc. (CWA) is a multidisciplinary engineering and project management firm that provides professional services in a wide range of industries including ports and terminals, mining and minerals, construction materials, wood products, marine infrastructure, energy, asset reliability, and the public sector to industry-leading clients around the world. Founded in 1997, CWA currently employs over 100 engineers, technologists, designers, and support staff and the head office is in Vancouver, British Columbia. As a mid-sized firm, CWA is organized to respond quickly and efficiently to its clients’ needs on a wide range of projects. CWA offers a diverse range of services including planning, engineering, procurement, construction management, commissioning, and ongoing maintenance and operations support to see a project through its entire lifecycle from concept to completion and beyond. Notably, CWA excels in greenfield projects, leveraging their broad expertise and extensive experience to navigate and thrive in complex engineering challenges. The quality and value of CWA’s work reflects their commitment to:

  • Build long-term partnerships with clients and exceeding their expectations.
  • Creating a corporate culture of innovation, excellence, and continuous improvement.
  • Development of their people with core expertise in the industries served.
  • Enhancing the health, safety, environmental, and operational performance.

Their professional team combines the highest levels of technical knowledge with hands-on field experience to deliver practical solutions to challenges of all sizes. CWA takes pride in their cost-effective designs that focus on safety, constructability, operations, maintenance, and environmental protection. For more information, please visit CWA’s LinkedIn page.

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of June 30, 2023, CDPQ’s net assets totalled CAD 424 billion. For more information, visit, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. 

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