Novacap-backed Nitrex buys G-M Enterprises

Nitrex, which is backed by Novacap, has acquired Corona, California-based G-M Enterprises, a provider of vacuum furnaces.

Nitrex, which is backed by Novacap, has acquired Corona, California-based G-M Enterprises, a provider of vacuum furnaces. No financial terms were disclosed. Nitrex is a provider of fully integrated heat-treating solutions and technologies.


MONTREAL, Jan. 9, 2020 /PRNewswire/ – On January 8, 2020, Nitrex, a portfolio company of Novacap and a global leading provider of fully integrated heat-treating solutions and technologies, acquired G-M Enterprises, an American based company selling internationally, specialized provider of vacuum furnaces headquartered in Corona, California.

The acquisition is in line with Nitrex’s strategy to further expand its integrated heat treatment solutions offering to its customer base while strengthening its products portfolio. For the past 30 years, G-M Enterprises has earned the reputation of a leading supplier of vacuum furnaces solving challenges for its customers in the aerospace, power generation, energy and commercial heat-treating industries. G-M Enterprises represents a great fit for Nitrex, as both share the same goal of providing technologies that improve customer workflow and efficiency while maximizing the life span and quality of engineered parts and components.

“This acquisition will allow Nitrex to bolster its turnkey solutions business by bringing a new, innovative and broader mix of heat treatment systems to our customers,” said Jean-Francois Cloutier, Nitrex CEO.

“G-M Enterprises is a leader in the vacuum furnaces market. The company has an outstanding growth opportunity and under Nitrex, we will build on that potential even further, using our global customer base and service footprint. We also look forward to welcoming the entire G-M Enterprises’ team into the Nitrex family,” continued Jean-Francois Cloutier.

“At G-M Enterprises, we are always looking for new ways to provide customers with industry’s best services and product offerings. Joining forces with Nitrex and becoming part of its broader family will ensure we are at the forefront of our customers’ evolving needs and expectations,” says Suresh Jhawar, President of G-M Enterprises. “What this means for the future of G-M Enterprises is an opportunity to enhance our products and services, expand our international presence further by leveraging the resources, expertise, and capital of Nitrex. These advancements will deliver more value to our customers for years to come,” added Suresh Jhawar.

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Nitrex (; is the lead provider of fully integrated heat-treating solutions and technologies globally. The company was founded in 1984 in Montreal, Canada and operates three business units – Nitrex Turnkey System (NTS) a leader of turnkey nitriding and nitrocarburizing systems; Heat Treating Services (HTS) a worldwide network of commercial heat-treating service centers; and UPC, a leading provider of controls upgrade and automation solutions for heat treating and combustion. Nitrex serves its customers globally from 14 locations across the United States, Canada, Mexico, Brazil, Germany, Poland, Italy, France, China, Japan and through a global network of representatives and licensees.

Founded in 1981, Novacap is a leading Canadian private equity firm with $3.6 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