MONTREAL, May 11, 2016 /CNW Telbec/ - NOVACAP, one of Canada's leading private equity firms, today announced the closing of its NOVACAP Industries IV Fund for $ 470 million.
The NOVACAP Industries IV Fund, which aims to invest in companies with strong growth potential in the industrial and manufacturing sectors as well as in service and distribution, was launched in October 2014 with an initial target of $ 425 million. This objective was far exceeded, thanks to commitments from institutional partners such as the Caisse de dépôt et placement du Québec, which has been an investor in NOVACAP funds since 1981 as well as pension funds, insurance companies, financial institutions, family offices and individual entrepreneurs.
Since its initial launch, the NOVACAP Industries IV Fund has invested in KDC (Knowlton Development Corporation), a leading contract manufacturer of health and beauty-care products headquartered in Longueuil, Québec. It has also invested in Hallcon Corporation, a leading provider of specialty outsourced services such as employee transportation and facility cleaning services to the railway and transit sectors in North America, which is based in Toronto.
"We are proud to have been able to close this 4th generation fund for NOVACAP Industries, which will allow us to continue to contribute to the development of businesses here and abroad, said Mr. Jacques Foisy, President and Managing Partner of Novacap Industries. By supporting their growth and helping them become leaders in their market, we ensure that businesses realize their full potential and maximize their value, while remaining sensitive to their leaders' aspirations."
The closing of the NOVACAP Industries IV Fund adds to commitments of $ 375 million already announced in 2014 by the NOVACAP TMT IV Fund, which specializes in partnering with companies that have high growth potential in the technology, media and telecommunications sectors. In total, Novacap has raised a total of $ 845 million over the past two years.
With assets under management of over $1.6 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value of more than 76 companies across North America. NOVACAP's culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources, NOVACAP is well positioned to continue building world-class companies and ensure their sustainability. For more information, please visit www.novacap.ca.
For further information: Valérie Gonzalo, AGO communications, 514-626-6976, [email protected]