Probewell lands funding from Fonds régionaux de solidarité FTQ

Probewell, a Quebec City-based maker of field-testing instruments for the residential, commercial and industrial markets, has secured undisclosed financing.

Probewell, a Quebec City-based maker of field-testing instruments for the residential, commercial and industrial markets, has secured undisclosed financing. The investor was Fonds régionaux de solidarité FTQ, the regional investment arm of Fonds de solidarité FTQ.

PRESS RELEASE

QUÉBEC CITY, July 6, 2020 /CNW Telbec/ – Probewell, a leading manufacturer of high-accuracy measurement instruments for power utilities, has a new financial partner, the Fonds régionaux de solidarité FTQ Québec, whose investment will allow it to consolidate its management team and aggressively continue expanding into U.S. and European markets.

“Following the investment by the Fonds régionaux de solidarité FTQ, two executives who have been instrumental in Probewell’s development – Michel Arsenault, Chief Technology Officer, and Mariana Napoli, Sales and Marketing Director – have been able to acquire a stake in the company,” explained Probewell vice-president and co-owner François Bissonnette.

“We’re frankly thrilled to have achieved this new milestone and with the Fonds régionaux de solidarité FTQ partnership. Their understanding of the market, our company and the acquisition opportunities we want to seize, particularly in Europe, will be invaluable.”

Based in Québec City, Probewell designs, manufactures and sells field testing instruments for the residential, commercial and industrial markets. Innovation and the use of leading-edge technologies are an integral part of the company’s product development strategy. Known for their superior ergonomic qualities, Probewell products are at the front of the pack in terms of ease of use, sturdiness and customer satisfaction.

“Probewell owes its success to the quality of its management team and the innovative culture inculcated in the company in recent years,” said Frédéric Bernard, Vice-President of the Fonds régionaux de solidarité FTQ for Québec and Chaudière-Appalaches. “We’re extremely proud of this company, which contributes to the region’s economic and technological vitality, and are looking forward to supporting their future projects and expansion efforts.”

About the Fonds régionaux de solidarité FTQ
The Fonds régionaux de solidarité FTQ have been participating in the economic development of Québec’s regions for over 24 years. Created in 1996, the Fonds régionaux have invested just over $1 billion dollars in 1,400 companies, helping to create, maintain or protect close to 52,000 jobs. fondsreg.com

About Probewell
Founded in 1994, Probewell designs, manufactures and sells high-accuracy measurement instruments to power utilities. The company has always kept close contact with its customers and prides itself in designing products with the end-user in mind. Probewell products are used by large and small utilities in the United States, Canada, Mexico and other countries around the world.