SAINTE-JULIE, QC,
May 22,
2024 /CNW/ - The Gendreau family, Canadian owners of
Garaga Inc. (Garaga), a North American pioneer in the manufacture
of garage doors, announces the acquisition of Novatech Group Inc.
(Novatech), a cutting-edge Canadian company specializing in the
manufacture of entry doors, doorglass, patio doors and tailor-made
insulated glass. The closing of the investor financing and purchase
transaction is scheduled for May 27,
2024, and remains subject to the fulfillment of certain
closing conditions, including final documentation.
Since its foundation by Raymond
Ouellette in 1982 in Sainte-Julie, Novatech has grown into a
company offering a complete range of products: glass processing,
manufacture of doorglass, steel doors and patio doors, PVC
extrusion, etc. Novatech has 16 plants and distribution centers in
Canada and the United States, as well as an innovation
center for research and development of new products since 2009.
Two North American industry
leaders combining a turnover exceeding $1
billion
United by shareholding, Garaga Inc., owned by the Gendreau
family, and Novatech Group Inc. combine an annual turnover
exceeding $1 billion and more than
3,000 employees. "The acquisition of the Novatech Group is a
continuation of our family's entrepreneurial journey. We are now
privileged to be the owners of two organizations such as Garaga
Inc. and Novatech Group Inc. that are firmly established in their
North American markets," says Maxime
Gendreau, Co-President of Garaga. "It is important to
specify that both organizations, Garaga, the company founded by our
father Michel Gendreau, and Novatech
Group will continue to operate completely autonomously," adds
Maxime Gendreau.
"This major transaction between the Gendreau family and
Novatech's founder, Raymond
Ouellette, ensures the continuity of Novatech's Québec
ownership, while allowing for a natural transition of ownership for
the organization. The Gendreau family's recognized experience in
the development and operation of companies based in Québec,
Canada and the United States will allow us to continue
growing and maintaining our company culture and values," says
Harold Savard, President of Novatech
Group.
This transaction is very attractive from a commercial
standpoint, thanks to each company's seasoned executive and
specialized plant teams, respective 40-year histories and the great
complementarity between their respective operations.
Harold Savard, the current
president of Novatech, will remain in office and continue to be a
shareholder. The company's management will remain the same. Sharing
of best practices and potential synergies will be explored.
Advisors
KPMG LLP, an audit, tax and advisory firm, ensured the role of
financial advisor. Norton Rose
Fulbright acted as legal advisor to the Gendreau family.
Gowling WLG (Canada) LLP acted as
legal advisors to Novatech Group Inc., Raymond Ouellette and Harold Savard.
About Novatech Group
Inc.
Founded in 1982, Novatech Group employs over 1,500 people and is
Canada's leading manufacturer of
components for the window and door industry. Its state-of-the-art
plants manufacture residential steel door panels, doorglass, patio
doors and glass products for residential, commercial and
institutional construction. Its North American and international
customers are served from 16 manufacturing facilities and
distribution centers in Québec, Ontario, Alberta and the
United States.
About the Gendreau family and
Garaga Inc.
The Gendreau family, originally from the Beauce region, owns
Garaga Inc. which was founded in 1983 by Michel Gendreau. The company is now run by
the twin Co-Presidents Martin et Maxime Gendreau. Garaga operates four
manufacturing plants and over 55 garage door sales, installation
and repair branches. The four manufacturing plants are located in
Saint-Georges (Québec), Barrie
(Ontario), Ponca City (Oklahoma) and Bemidji (Minnesota). Garaga also distributes its
products through an independent distribution network of over 650
specialists and 1,300 renovation centers. Garaga products are
available across Canada and in 48
U.S. states.
SOURCE Groupe Novatech inc.