The Caisse de dépôt et placement du Québec announces a $16.7 million investment in Québec company Novatech
MONTREAL, Feb. 15, 2012 /CNW Telbec/ - The Caisse de dépôt et placement du Québec today announced an overall investment of $16.7 million in Novatech Group Inc. ("Novatech"), one of the largest Canadian manufacturers of doorglass components. The founder of the company, 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, a Québec manufacturing leader with 30 years under its belt, is another way for the Caisse to contribute to the success of a Québec company," explained Normand Provost, Executive Vice-President, Private Equity and Chief Operations Officer.
"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," said Raymond Ouellette, Chairman of Novatech's Board of Directors.
"We are proud of the vote of confidence the Caisse has shown towards the management and successors through this investment. This partnership will bring us closer to our goal of achieving excellence," explained Harold Savard, President and General Manager of Novatech,
"A number of Québec entrepreneurs will soon have to plan the transfer of their companies to the next generation of leaders. The Caisse expects to continue to be a key player contributing to these companies' growth while generating returns for its depositors," added Normand Provost.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.
The Novatech Group was founded in 1982 and today has a presence in more than 15 countries in the world. Novatech manufactures entry doors, doorglass, retractable mosquito nets and PVC and aluminium patio doors. Their clients are exclusively prehangers of finished products. In 2012, the Novatech Group regrouped half a dozen subsidiaries with more than 500 employees.