Canadian private equity firm Novacap has acquired a majority stake in St-Jerome, Québec-based Foliot Furniture, a provider of furnishings for the hospitality and educational housing sectors. No financial terms were disclosed. Fonds de solidarité FTQ also invested in this transaction.
BROSSARD, QC, Nov. 5, 2019 /CNW Telbec/ – Novacap, one of Canada’s leading private equity firms and Foliot Furniture, a leader in the design and manufacture of quality furnishings for the hospitality and educational housing sectors, announced today their partnership. Novacap has acquired a majority stake in this Quebec-based company, alongside the current management team and the Fonds de solidarité FTQ. Foliot Furniture’s mission is to provide exceptional service to its customers while creating a harmonious environment for employees and the surrounding community. Novacap intends to pursue the company’s growth and support the management team in its development opportunities.
“Novacap recognizes Daniel Foliot’s success and the passion that drives him, we found in him and his team the same values as ours, says Michel Toutant, Senior Partner – Industries, Novacap. We are convinced that the current management team is world-class and that the combination of their expertise with ours will allow Foliot Furniture to continue its momentum. We are all very excited about working with the Foliot team.”
Daniel Foliot, Founder and President, added, “For nearly 30 years, we have been finding innovative solutions to create unique quality furniture that is as aesthetic as robust and meets our customers’ high standards. We are proud to unite with a partner of Novacap’s calibre to drive our company into its next phase of growth.”
“Under the direction of Daniel Foliot, the St-Jérôme-based company has experienced steady growth in the past years. Considering that the Fonds de solidarité FTQ has been the company’s partner since 2010, we are pleased to join Novacap to continue the great history of Foliot furniture.” said Daniel Hinse, Vice-President, Investments – Entertainment and Consumer Goods, Fonds de solidarité FTQ.
Founded in 1981, Novacap is a leading Canadian private equity firm with $3.3 billion of assets under management. Its distinct 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 portfolio companies. With an experienced management team and substantial financial resources, Novacap is well-positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 38 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto, Ontario and Brossard, Quebec. For more information, please visit www.novacap.ca.
About Foliot Furniture
Foliot Furniture is dedicated to providing quality furnishings for the hospitality and educational housing communities. With nearly 30 years of manufacturing experience and having delivered more than 1 million rooms in hotels, resorts, universities, and colleges throughout North America, these achievements speak volumes about Foliot’s credibility and capabilities.
Foliot’s experienced team of woodworking and machinery experts is composed of some the industry’s most knowledgeable furniture specialists. We are committed to producing furniture using innovative technologies, and distinctive aesthetics without compromising the strength and durability needed to endure the demands of the contract environment.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that deploys the savings of Quebecers. With net assets of $15.6 billion as of May 31, 2019, the Fonds supports 215,104 jobs. The Fonds is a partner with 3,126 companies and today has more than 700,000 shareholder-savers. For more info, visit www.fondsftq.com.