Novacap makes majority investment in Nitrex Metal

Canadian private equity firm Novacap has acquired a majority stake in Nitrex Metal Inc, a provider of metal heat treatment technology solutions and services based in Montréal. No financial terms were released. Founded by Michel Korwin in 1984, Nitrex serves automotive, aerospace and industrial customers on four continents. It said it will use the partnership with Novacap for growth initiatives. These initiatives will include investments in operational enhancements, in key regions with potential for strategic acquisitions, and in research. As reported by peHUB Canada, Novacap last month acquired employee transit services specialist Hallcon Corp, marking an expansion in its Canadian deals.


NOVACAP takes majority stake in Nitrex Metal Inc. to fuel next phase of global growth

MONTREAL, SEPTEMBER 9, 2015 – NOVACAP, one of Canada’s leading private equity firms, is pleased to announce it has made a majority investment in Nitrex Metal Inc. (“Nitrex” or the “Company”), a leading provider of metal heat treatment technology solutions and services.

Headquartered in Montreal and employing over 300 people, Nitrex has grown over 30 years into a thriving global business offering modern nitriding technologies, equipment and services to hundreds of blue chip customers in the automotive, aerospace and industrial sectors.

NOVACAP’s investment will assist Nitrex in focusing on key initiatives to accelerate its growth, including funding operational enhancements, investments in key regions with high potential for strategic acquisitions, and continued investments in R&D to maintain its marketing-leading position in technology solutions.

“NOVACAP is excited to be joining forces with Nitrex to help the Company find new market opportunities and get to the next level,” said Stéphane Tremblay, Senior Partner at NOVACAP. “Nitrex has already proven itself through its time-tested relationships with customers in an array of industries. We’re impressed by their track record and look forward to partnering with them to execute their aggressive growth plan in the fast-growing metallic surface nitriding sector.”

Nitrex has been growing consistently over the last several years and generates yearly revenues of approximately $60 million. Since its founding in 1984, the Company has developed an international presence and has recently been pursuing further market penetration in Mexico, China and the United States through significant capital investments in these regions. The Company has significant Intellectual Property assets and a professional know-how developed over three decades of strong management.

Michel Korwin, the founder of Nitrex, and Chris Morawski, head of U.S. operations and international services, will retain a significant stake in the Company’s ownership.

“Our vision is to be a worldwide partner in offering metal heat treating solutions, always ahead of our customer’s expectations and delivering innovative technology. This strategic investment will allow us to reach heights we never imagined possible,” Mr. Korwin said. “We chose NOVACAP because of their strong operational expertise. We couldn’t be more excited about the future.”

With assets under management of over $1.5 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value for many companies across North America. NOVACAP’S culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources NOVACAP is well positioned to continue building world-class companies. For more information, please visit

About Nitrex Metal Inc.
Founded in 1984 by Michel Korwin, Nitrex is a global leader in gas nitriding and gas nitrocarburizing and is focused on the development of new technologies. Nitrex specializes in providing turnkey solutions to companies whose product manufacturing processes involve heat treating ferrous or non-ferrous materials. With humble roots as a small service centre offering Nitreg® gas nitriding technology over thirty years ago, Nitrex Metal Inc. gradually evolved into a leading designer and manufacturer of heat treating installations and commercial metal treating services throughout the world. The Company has operations in Canada, the United States, Poland, Germany, France, Italy, China, Brazil and Mexico. For more information, please visit

For further information, please contact:
Adam Daifallah, HATLEY Strategy Advisors, 514.316.7089,

Photo courtesy of Nitrex Metal Inc