MONTRÉAL, Dec. 6, 2017 /CNW Telbec/ - NOVACAP, a Canadian leader in private equity, is proud to announce that it has partnered with Joseph Ribkoff, one of Canada's leading fashion designers, present in more than 64 international markets, by acquiring a majority stake in the company. This transaction is financed by the NOVACAP Industries IV Fund, in partnership with the Fonds de solidarité FTQ, founder Joseph Ribkoff and company executives.
This new investment represents NOVACAP's first foray into the women's ready-to-wear sector. "Joseph Ribkoff is a Quebec company that has experienced strong growth in recent years and is present in several international markets, said NOVACAP senior partner and Joseph Ribkoff's new chairman of the board, Domenic Mancini. We are convinced of Joseph Ribkoff's potential at the national and international levels. The company is ready to move up to a new level and, as we have done many times in the past, our intention is to provide the necessary financial support in order to accelerate the company's growth and expansion into new markets."
The Joseph Ribkoff Company was founded in 1957 by the person which bears its name, when he was only 21 years old. Over the years, it has become one of the leading women's ready-to-wear brands in the Canadian market. Now present in over 64 international markets, it has adapted to new platforms, while remaining true to the multiple needs of contemporary women.
"We are operating in a highly competitive market, and while our growth has been strong over the past five years, we will benefit from NOVACAP's financial backing, expertise and network to continue to grow and consolidate our leadership position says company founder Joseph Ribkoff. This transaction will not change our day-to-day operations, and we will continue to develop, as we always have, the best ready-to-wear collections and provide the best service to our customers through the continued commitment of our employees ".
"Since its creation 60 years ago, Joseph Ribkoff has been able to constantly adapt to the needs and tastes of consumers, as demonstrated by Its presence today on international markets. Our investment in this flagship of the Quebec fashion sector demonstrates the Fonds de solidarité FTQ's desire to support the growth of Canadian companies in international markets", commented Jean Wilhelmy, Senior Vice President, Natural Resources, manufacturing and services, Fonds de solidarité FTQ.
ABOUT JOSEPH RIBKOFF
Based in Montreal since 1957, Joseph Ribkoff creates ingenious collections for busy women around the world. Now a fashion pioneer, dictating trends and guiding women and styles, the company continues to innovate to meet the multidimensional needs of today's women. While celebrating its 60th anniversary this year, Joseph Ribkoff continues to stand out as one of Canada's leading fashion designers, and in more than 64 international markets. For more information, please visit www.josephribkoff.com.
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.26 billion of assets under management. The Firm has raised over $2.6 billion in capital since its inception. Novacap's unique 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 investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
ABOUT THE FONDS DE SOLIDARITÉ FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers. For more information, please visit www.fondsftq.com .
Source: NOVACAP/Joseph Ribkoff
SOURCE Novacap Management Inc.
For further information: For NOVACAP/Joseph Ribkoff : Ms. Valérie Gonzalo, AGO communications, 514 626-6976, [email protected]; For Fonds de solidarité FTQ : M. Patrick McQuilken, 514 850-4835, [email protected]