Canadian private equity firm Novacap has acquired an interest in Mailhot Industries, a Saint-Jacques, Québec-based maker of hydraulic cylinders. No financial terms were disclosed. Established in 1956 by Gilles Mailhot, Mailhot produces a complete line of single-stage and telescopic hydraulic cylinders used in a wide range of applications. President and CEO Charles Massicotte will continue in that role and remain a shareholder. Novacap Senior Partner Frédérick Perrault said the partnership will support Mailhot’s growth to “become the North American leader in its industry segment” by exploring strategic opportunities in new markets.
Novacap acquires interest in Mailhot Industries
Longueuil, February 15, 2018 – Novacap, a leading Canadian private equity firm, today announced it is acquiring interest in Mailhot Industries, a manufacturer of hydraulic cylinders renowned for technological innovation and headquartered in Saint-Jacques, Québec. All 324 employee positions at the company will be maintained, as will all management roles, and Novacap plans to invest in the company’s growth to help it expand into new markets.
“The team at Mailhot has demonstrated peerless know-how in innovation, production and market development,” says Frédérick Perrault, Senior Partner, Industries, Novacap. “We firmly believe that blending their expertise with that of Novacap will enable Mailhot to drive growth and become the North American leader in its industry segment. This partnership will allow us to explore multiple strategic opportunities with an eye to consolidating Mailhot’s foundations, which are already quite sound. We are all very enthusiastic about this chance to work with a very dynamic company.”
Charles Massicotte, President and CEO, Mailhot Industries, adds: “Mailhot is proud to be joining forces with a strategic partner of the calibre of Novacap in order to propel our company to the next phase of its growth. With its team of seasoned managers and this injection of fresh capital, it will bring complementary expertise that will enable us to accelerate our development plan and achieve our high ambitions by exploring new market segments.”
Mr. Massicotte remains a shareholder in the company and will continue in his role as its president.
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. The firm has raised over $2.6 billion in capital since its inception. Novacap’s unique 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 investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
About Mailhot Industries
Founded in 1956, Mailhot Industries is a manufacturer of hydraulic cylinders employing the latest-generation technology. The company makes quality a priority, and has secured a place of choice in its industry segment. Mailhot produces a complete line of single-stage and telescopic hydraulic cylinders. Its mission is to anticipate its customers’ needs by deploying innovative, adapted solutions. Mailhot Industries has 324 employees, a plant in Québec, distribution centres in Edmonton, Alberta, and Nashua, New Hampshire, and a large plant in Mexico. For further information, visit www.mailhotindustries.com.
Photo courtesy of Mailhot Industries