Canadian private equity firm Champlain Financial Corp and Canadian family office GL Capital led the acquisition of Serrubec Inc, Hardware Agencies and McGregor Hardware Distribution. No financial terms were disclosed. Norton Rose Fulbright, Fasken Martineau DuMoulin and Richter advised Champlain and GL Capital on the deal. Based in Dorval, Quebec, Serrubec is a distributor of security solutions and door hardware.
Champlain Financial Corporation and GL Capital lead the acquisition of Serrubec Inc., Hardware Agencies and McGregor Hardware Distribution
An investor group led by Champlain Financial Corporation (CFC) and GL Capital (GLC) are pleased to announce the acquisition of Serrubec Inc., Hardware Agencies and McGregor Hardware Distribution (collectively Serrubec or the Company). The Company is a leading Canadian distributor of security solutions and door hardware including mechanical security devices, access control, exit hardware, safes and other related products. The Company operates across Canada through its facilities in Montréal, Toronto, Mississauga, Edmonton and Vancouver and distributes several well-known brands including Assa-Abloy, ABUS and Allegion.
Prior to the transaction the Company was owned by AccessSMT, a manufacturer of doors, frames and finishing hardware, and construction speciality products.
By now focussing solely on distribution, the Company is well positioned for steady and disciplined growth. The Company General Manager, Stéphane Lecavalier commented: “We’re very excited about having new owners that will focus 100% on growing the distribution for the benefit of all stakeholders, employees, partners, suppliers and customers. It’s also nice to see the business back under 100% Canadian ownership”.
Louis Laporte, the president of GL Capital and incoming executive Chairman adds: “My previous experience in this industry via my prior ownership of Dudley has given me particular insight into the key success factors required to grow this business across Canada”.
Per André La Forge, partner at CFC: “We think this is a tremendous opportunity to establish the leading distribution platform in Canada in an industry that is highly fragmented and in need of more efficient operating metrics”.
Champlain and GL Capital were advised by Norton Rose Fulbright, Fasken Martineau DuMoulin and Richter.
About Champlain Financial Corporation
Champlain Financial Corporation, a Canadian private holding company based in Montréal, Québec, operates a private diversified investment portfolio, currently with a series of investments throughout Canada and the United States. Champlain’s core focus is to serve as a value-added financial partner in providing equity capital and growth management expertise for small and middle-market companies. www.champlaincanada.com
About GL Capital
GL Capital is the privately-held investment company of Mr. Louis Laporte and his family. Mr. Laporte was until recently Executive Vice-President and a shareholder of Beaudier Inc., one of the principal shareholders of BRP Inc., a world-leader in the recreational products industry, and continues to this day to be a director of BRP Inc. Mr. Laporte was formerly the owner and operator of several privately held companies, including Dudley Inc., one of Canada’s leading lock manufacturers and distributors at that time, and AMT Marine Inc., a manufacturer, subcontractor and supplier of Sea-Doo jet boats.