Groupe HD Immobilier, a real estate developer in Quebec, has recently acquired Montreal-based general contractor Praxis Construction, effective as of January.
The acquisition aims to create a stronger connection between development and construction operations in the challenging residential construction market, which has been particularly impacted over the past few years. General contractors had to be vigilant and rigorous to provide quality homes, in accordance with construction schedules and costs.
As a general contractor specializing in high-density residential building, Praxis Construction will oversee project and site management for all upcoming Groupe HD Immobilier projects. The company’s expertise will be a major asset for the co-ordination and management of the construction process.
For Groupe HD Immobilier, the acquisition represents an important competitive advantage, allowing it to offer integrated and efficient services to all its partners and, above all, ensure optimal financial and operational rigour.
With several projects already under development, this union will enable Groupe HD Immobilier to add an important component to its business activities and position itself among Greater Montréal’s most influential and active developers. Further, the merge will also allow greater transparency of operations with partners and investors.
“This partnership is about performance and efficiency, and I am very pleased that we are becoming a division of Groupe HD Immobilier,” says François Beaulieu, Eng., MBA, CPA, president of Praxis Construction. “This merger of our areas of expertise will make us more efficient and, in turn, more competitive in the marketplace.”
“Nowadays, one of the most effective ways to react to unforeseen market events is to integrate business lines,” says Thomas Dufour, CPA, CFA, M.Sc, co-president of Groupe HD Immobilier. “This acquisition fits perfectly into our mandate with our partners and clients.”