Canadian private equity firm TorQuest Partners has acquired North West Rubber, an Abbotsford, British Columbia-based manufacturer and distributor of recycled and virgin rubber matting and other flooring products. No financial terms were disclosed. NWR is the sixth platform investment of TorQuest Partners Fund V, closed last year at C$1.375 billion.
TorQuest Partners Announces Acquisition of North West Rubber
TORONTO, Nov. 30, 2021 /CNW/ – TorQuest Partners (“TorQuest”) is pleased to announce that it has completed the acquisition of North West Rubber Ltd. (“NWR” or the “Company”), a leading manufacturer and distributor of recycled and virgin rubber matting and other flooring products.
Founded in 1968 and based in Abbotsford, BC, NWR’s products are sold throughout North America into a variety of end markets including the farm, consumer, athletic facility, and industrial channels. Today, NWR is led by Leighton Friesen, President & CEO, who has served in this role since 2007. Under the leadership of Leighton and the management team, NWR has grown rapidly over the last 14 years, supported by a dedicated workforce of over 220 employees throughout North America. NWR’s operations include three manufacturing facilities located in Abbotsford, BC, Brantford, ON, and Houston, TX, a tire-recycling joint venture, Evolve Recycling Inc., also based in Brantford, ON, and various strategic manufacturing partnerships in Asia.
Under TorQuest’s ownership, the Company will continue to be run by Leighton and his senior management team, all of whom will remain significant investors in the business.
Daniel Sonshine, Partner at TorQuest, said, “This is the sixth platform investment for TorQuest Partners Fund V and continues to showcase our well-established strategy of investing in great Canadian businesses. We are excited to partner with the NWR team and support their next phase of growth.”
Leighton Friesen, President & CEO of NWR said, “We are thrilled to be taking on a strong new partner who believes in the significant growth potential of our business. We look forward to leveraging TorQuest’s capabilities and relationships to help drive continued growth and long-term success at NWR.”
About North West Rubber Ltd.
North West Rubber is a leading manufacturer and distributor of recycled and virgin rubber matting and other flooring products for use in the consumer, farm, athletic facilities, and industrial end markets. The Company has a workforce of over 220 employees across North America. For more information, please visit https://northwestrubber.com/
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund V, a C$1.375 billion fund that closed in March 2020. TorQuest invests in middle market companies and works in close partnership with management to build value. To learn more about TorQuest, please visit www.torquest.com.