Nouvelles et évènements

Novacap Portfolio Company, The Master Group Acquires Ontario Manufacturers' Representative EFI Concepts

October 01, 2020

This alliance embodies the company's commitment to offering services covering the full spectrum of HVAC-R solutions.

October 1, 2020 – Novacap is pleased to announce that its portfolio company, The Master Group, the most important independent distributor of heating, ventilation, air conditioning and refrigeration products (CVCA-R) in Canada has completed the acquisition of EFI Concepts. Specializing in the application of products used for mechanical heating, ventilation and air conditioning in industrial, institutional and environmental business solutions applications, EFI Concepts is a leader in their field, based in Ontario with head office in Toronto and a branch office in Ancaster.


"We are delighted to welcome the entire EFI team, a group of exceptional people and experienced professionals, to The Master Group," said Louis St-Laurent, CEO, The Master Group. "This is Master's sixth acquisition in Ontario since 2011 and we are very proud to announce this strategic alliance, exactly one year after acquiring Baymar Supply, also specialized in commercial, industrial and institutional business solutions. This new and important step in our growth plan reaffirms The Master Group’s commitment to offer our customers fully integrated services and solutions. We wish to extend our warmest welcome to each and every EFI employee."


"EFI has great expertise in business projects and solutions. The relationships they have established over the years, and the expertise which has earned them a reputation for excellence will be an even greater asset for The Master Group. This transaction offers tremendous business opportunities: we are more than ever able to support our customers in the development and implementation of all their projects, from the most modest to the most complex", continued Rolland Grenier, Senior Vice-President, Sales, The Master Group.


The Master Group's desire to enhance their Business Solutions philosophy for all of Ontario, and the rest of Canada, offered a strategic alliance opportunity for the two organizations. "For 30 years, EFI Concepts has been delivering projects to their valued customers in the Industrial and Commercial markets in Ontario. From EFI's headquarters in Toronto and through our Southwestern Ontario regional office, providing system solutions to consultants, contractors and owners has always been our mission. As a single entity, we can now offer enhanced business solutions to all of our customers with additional product offerings and technical expertise", said Frank Albonese, Partner, EFI Concepts. "Business Solutions, while delivering projects for our customers, will continue to be a focal point of the new group in the future."


About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap's deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit



About The Master Group

A leader in the heating, ventilation, air conditioning, and refrigeration sector for over 67 years, The Master Group has been named one of Canada's best-managed companies since 2010 and is the largest HVAC/R distributor in Canada. The company now employs over 950 dynamic and devoted individuals who serve the industry at more than 44 branches and 4 distribution centres from British Colombia to the Atlantic Provinces. To learn more, go to or follow us on LinkedIn at


About EFI Concepts

EFI Concepts is an experienced team of technical sales professionals with expertise that spans the HVAC spectrum. EFI Concept staff comprises top industry experts, many being professional engineers, LEED APs and members and supporters of ASHRAE. It is the expertise that distinguishes EFI Concepts from the competition.

EFI Concepts has a reputation for excellence. Dedicated EFI Concepts professionals apply knowledge and experience on every order, from the smallest of fan-coils to hospitals' highly specialized HVAC requirements. This is why EFI Concepts has customers that have trusted them for over 30 years.

Novacap Contact

Alexandra Troubetzkoy, NOVACAP, +1 450-651-5000 ext. 291,