The Master Group announces the arrival of Novacap as a strategic partner
March 03, 2014
BOUCHERVILLE, March 3, 2014 - Shareholders of the Master Group, MM. Alain Fournier, Michel Ringuet and Louis St-Laurent, are pleased to announce they have signed a transaction involving the sale of 65 % of the company to Novacap, a Quebec-based firm and a leader in the field of private investment in Canada. The transaction will take effect in the coming days and The Master Group will continue to operate without interruption with the current management team remaining in place to pursue the continuous development of the company.
“Our association with a local business partner, whose expertise in the management of acquisition projects and strategic alliances crosses our borders, will be key to the implementation of the longer term business plan of The Master Group and will be a huge support to all our growth plans. This partnership represents a great business opportunity for us, guaranteeing the continued development and growth we have generated over the years, and the success we expect to achieve in new markets” said Michel Ringuet, Chief Executive Officer, The Master Group. “While Louis, Alain and I remain in our current positions and in the driver’s seat, our partners at Novacap will devote their efforts to carry out possible acquisitions and strengthen The Master Group’s leadership in North America.”
“The Novacap team is very proud of this acquisition,” said Mr. Jacques Foisy, President and Managing Partner, Novacap Industries. “The Master Group is run by a very skilled management team who has always maneuvered towards the pole position through all economic and market conditions. We are more than confident that together we will bring this already very successful company to new heights and that this new partnership will create even greater growth opportunities for the Group’s employees.“
With more than $ 1.2 billion in assets under management, Novacap is one of Canada’s leading private equity firms. Novacap invests in middle market companies within industries that have the potential to become world leaders by developing their market, technology and operations or through industry consolidation. Since 1981, their partnership approach based on operational expertise has helped companies accelerate their growth and maximize their value. Novacap ranks among the best private equity investment firms in North America. It has won the Canadian Venture Capital and Private Equity Association’s “ Deal of the Year Award ” twice. For more information, visit www.novacap.ca.
ABOUT THE MASTER GROUP
Leader in the air conditioning, refrigeration and heating sectors for 60 years, 2010 winner as one of Canada’s 50 Best Managed Companies and re-qualified in 2011; The Master Group is the largest independent distributor in Eastern Canada The company employs over 560 dynamic and devoted individuals who serve the industry in over 21 branches and 3 distribution centres spanning from Southwestern Ontario to the Maritimes.