MONTREAL, July 20, 2017 /CNW Telbec/ - Novacap, a Canadian leader in private equity, today announced a partnership with Bestar Inc. ("Bestar"). Financial terms of the transaction were not disclosed.
Headquartered in Lac-Mégantic, Quebec, Bestar is a leading designer and manufacturer of ready-to-assemble home and office furniture primarily sold online in Canada and the United States. The company currently employs over 150 people in the Eastern Townships.
"We are very pleased to team up with a local business partner with a proven track record of acquisitions and strategic alliances," said Mario Aubé, President of Bestar. "Novacap will help us achieve our business plan and our many growth projects. We are convinced that together we will form a strong team that will consolidate our success and propel the company's growth. "
"Novacap is particularly proud to partner with Bestar," said Frédérick Perrault, senior partner at Novacap. "Over the years, the company has built strong relationships with key customers in the industry. Bestar holds a strategic position in the market, supported by continuous innovation and a significant presence on the Internet. We are very excited to team up with seasoned operators and we look forward to contributing to Bestar's ambitious growth plan. "
About Bestar Inc.
Founded in 1948, Bestar Inc. designs, manufactures, and distributes a wide range of ready-to-assemble furnishings that meet the needs of consumers in terms of quality, design and functionality. Its products are distributed primarily in Canada and the United States.
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.
SOURCE Novacap Management Inc.
For further information: Lydia Veilleux, Senior Advisor - Communications & Marketing, O: 450-651-5000, ext. 225, C: 514-296-9838, [email protected]