Canadian private equity firm TorQuest Partners has acquired Can Art Aluminum Extrusion Inc, a Brampton, Ontario-based producer of aluminum extrusions. No financial terms were released. Established in 1988, Can Art makes aluminum extrusions as inputs into products used in North American automotive, building and construction, and consumer durable applications, among others. TorQuest Managing Partner Eric Berke said the deal is the first of TorQuest Partners Fund IV, which raised $925 million in June. In October, PE Hub Canada interviewed Berke and Senior Managing Partner Brent Belzberg about Fund IV and TorQuest’s other 2016 deals, including McKeil Marine Ltd and PolyCor Inc.
TorQuest Partners Announces Purchase of Can Art
Toronto, Ontario – December 20, 2016 – TorQuest Partners (“TorQuest”), alongside its co-investors, today announced the purchase of Can Art Aluminum Extrusion (“Can Art”), a leading North American manufacturer of aluminum extrusions.
Based in Brampton, Ontario, Can Art produces aluminum extrusions in a wide variety of custom and standard shapes, which are used as inputs by a diverse range of customers and end markets, including transportation, building and construction, electrical, consumer durables, and machinery and equipment, among others. Can Art has a long-standing reputation for both uncompromising quality and highly-responsive service.
Daniel Sonshine, a partner at TorQuest partners, said, “Can Art has a tremendous track record of profitable growth over almost 30 years. It has achieved impressive expansion into new industries and geographic end markets, while maintaining its commitment to quality, service and technical proficiency. We believe this approach has optimally positioned the Company for long-term market leadership.”
“TorQuest’s investment speaks volumes about the quality of Can Art’s workforce, facilities, and technical capabilities,” said Robert Saroli, founder and CEO of Can Art. “I also believe that the resources and relationships that TorQuest brings will further propel Can Art’s growth, beyond what the market is experiencing.”
Eric Berke, Managing Partner at TorQuest, said, “This is the first platform investment for TorQuest Partners Fund IV and continues our strategy of investing in exceptional North American businesses. We have known Bob Saroli for over 10 years and have tremendous respect for what he and his team have built. We will be proud ambassadors of Can Art and its brand, going forward. We look forward to working with Bob, who will stay with the business for some period of time, prior to a transition to a new CEO. In the interim, TorQuest, Bob, and the entire Can Art team remain firmly committed to continuing Can Art’s tradition of excellence in supplying its valued customers.”
About Can Art Aluminum Extrusions
Established in 1988, Can Art is a leading Canadian manufacturer of aluminum extrusions, as well as related services such as anodizing and fabrication. Can Art’s aluminum extrusions are inputs into products used in various automotive, building and construction, and consumer durable applications, among others. Can Art has more than 300 employees spread across its three production facilities located in Southern Ontario. For more information, please visit www.canart.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a $925 million fund that closed in June 2016. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.
For TorQuest Partners media inquiries:
Joel Shaffer, Longview Communications, (416) 649-8006
Photo courtesy of Can Art Aluminum Extrusions Inc