Canadian Fund Manager Acquires Portion of NovatechFebruary 21st, 2012 | Category: Industry News
A portion of Novatech Group has been sold to Caisse de dépôt et placement du Québec, one of Canada’s institutional fund managers that primarily handles public and private pension and insurance funds in Quebec, according to a notice sent February 3 by Raymond Ouellette, chairman of the board of the Novatech Group. Caisse invested $16.7 million in the Novatech, according to its announcement, adding that “the founder of the company [Ouellette], whose facilities are based in Ste-Julie, is disposing of a portion of its interest in the Caisse in connection with a program to progressively transfer ownership to its successors.”
“Investing in Novatech is another way for the Caisse to contribute to the success of a Québec company,” says Normand Provost, executive vice president, private equity and COO.
“We are thrilled to be able to rely on the Caisse’s support while the company explores various growth projects and sets out to write a new chapter in its history,” says Ouellette.
According to the notice sent by Ouellette, during this transaction, Harold Savard, president and general manager of Novatech, increased his assets participation in the Group. Robert Latour, vice president of sales and marketing, and Luc Deschambault, vice president of finance and administration, remain shareholders in the group. Ouellette, reported that he will remain the majority shareholder and chairman of the board.
“This transaction is a result of a rigorous evaluation exercise conducted by the Caisse de depot et placement du Quebec,” says Ouellette in the notice. “This investment attests their confidence in the sound management and the efficiency of operations in the Novatech Group. This partner will allow the Novatec Group to pursue its growth as a Canadian company.”