MONTREAL – The Caisse de depot et placement du Quebec announced a $16.7-million investment Wednesday in Novatech Group Inc., one of the largest Canadian manufacturers of glass doors.
“Investing in Novatech, a Quebec manufacturing leader with 30 years under its belt, is another way for the Caisse to contribute to the success of a Quebec company,” Normand Provost, the Caisse’s executive vice-president, private equity and chief operations officer.
Novatech chairman Raymond Ouellette said his company is “thrilled to be able to rely on the Caisse’s support” as it explores various growth projects and sets out to write a new chapter in its history.”
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The founder of the company, whose facilities are based in Ste-Julie, Que., is disposing of some assets in connection with a program to progressively transfer ownership to successors.
“A number of Quebec entrepreneurs will soon have to plan the transfer of their companies to the next generation of leaders,” Provost said.
“The Caisse expects to continue to be a key player contributing to these companies’ growth while generating returns for its depositors.”
The Caisse de depot et placement du Quebec manages funds primarily for public and private pension and insurance plans and held $151.7 billion in net assets as of Dec. 31, 2010.
The Novatech Group, with more than 500 employees, manufactures entry doors, door glass, retractable mosquito nets and PVC and aluminium patio doors.
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