Fengate Asset Management is leading a consortium buying $1.5-billion of stock from other investors including the Caisse’s entire position
The Caisse de dépôt et placement du Québec has earned a windfall profit by selling its stake in Canadian data-centre consolidator eStruxture Data Centers Inc. as part of a $1.8-billion recapitalization.
Caisse spokeswoman Kate Monfette would not disclose the institutional investor’s gain on the deal, but eStruxture CEO Todd Coleman said it was a “home run” that generated “significantly north” of a three-times return for the fund management giant. Ms. Monfette said the Caisse was “very satisfied” with the return, adding that the exit was “part of a regular portfolio rebalancing exercise.”
“At the time everyone was backhauling data back to the United States, traversing in and out of major markets, while less data was localized near the eyeballs” of users, Mr. Coleman said. “We had a fundamental belief that was about to change.” Subsequent geopolitical concerns regarding where data is stored and the strength of the U.S. dollar against the loonie were a plus. “It was and continues to be a fantastic time to be in the data-centre industry in Canada,” he said.
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