Canadian private equity firm TorQuest Partners has acquired majority control of Polycor Inc, a Québec City-based natural stone producer, for an undisclosed amount. The deal, done alongside of TorQuest’s co-investors and PNC Mezzanine Capital, was part of a merger of the company with U.S.-based Swenson Granite Works and its subsidiary Rock of Ages. The merger creates “the largest dimensional stone company in North America,” TorQuest Partner Alan Lever said. Polycor said it expects to show post-deal revenue of over US$150 million per year. TorQuest made the investment via TorQuest Partners Fund III. In June, the firm closed its fourth mid-market fund at $925 million.
TorQuest Partners has acquired majority control of Polycor as part of its merger with Swenson Granite and Rock of Ages, creating the largest dimensional stone company in North America
TORONTO and QUEBEC CITY, Sept. 16, 2016 /CNW/ – TorQuest Partners is pleased to announce, alongside its co-investors and PNC Mezzanine Capital, the firm has partnered with Polycor, Inc. (“Polycor”), a Quebec-based natural stone producer, in its merger with Swenson Granite and its wholly owned subsidiary Rock of Ages, two of the leading American granite quarriers and manufacturers. TorQuest now owns majority control of all the merged companies.
On a combined basis, the business will be amongst the largest natural stone companies in the world, operating over 30 quarries, primarily in Quebec and the U.S. Northeast, serving a diverse range of end markets.
Alan Lever, Partner at TorQuest, said, “Polycor, Swenson Granite and Rock of Ages are each leaders in their respective markets. We are excited to bring these businesses together under one umbrella, creating the largest dimensional stone company in North America.”
“Swenson Granite and Rock of Ages are brands known for the superior quality of their products in their markets. We continue to see unique opportunities for our Company and are eager to pursue these initiatives alongside Swenson Granite and Rock of Ages. In addition, we are excited to build a productive relationship with TorQuest and its co-investors, and we are very happy to continue our partnership with PNC,” said Patrick Perus, CEO of Polycor.
Eric Berke, Managing Partner at TorQuest, said, “This is the seventh platform investment for TorQuest Partners Fund III and continues our strategy of partnering with exceptional management teams to build industry-leading businesses and support their continued growth.”
No financial terms for the transaction were disclosed.
Founded in 1987 in the City of Quebec, Polycor distributes natural stone products across North America. The company transforms granite, marble and limestone into slabs, tiles, mosaics and landscaping items. Now employing over 800 people, it has 30 quarries and 12 factories in Canada and the United States. For more information, visit www.polycor.com
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
For further information: For media inquiries: Olena Lobach, Longview Communications, (416) 649-8009
Photo courtesy of Polycor Inc