Wood flooring company Preverco snags C$7m in funding

Saint-Augustin-de-Desmaures, Quebec-based Preverco, a family-owned maker of solid and engineered wood flooring, has secured C$7 million in financing.

Saint-Augustin-de-Desmaures, Quebec-based Preverco, a family-owned maker of solid and engineered wood flooring, has secured C$7 million in financing. The joint investors were Fonds de solidarité FTQ and Fonds régionaux de solidarité FTQ Québec.

PRESS RELEASE

SAINT-AUGUSTIN-DE-DESMAURES, QC, Nov. 9, 2020 /CNW Telbec/ – The Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Québec (FRS) are proud to announce a joint $7 million investment in Preverco, a leading Québec manufacturer of solid and engineered wood flooring. By investing in a major player like Preverco, the Fonds is increasing its presence in the wood flooring industry, which is currently undergoing consolidation.

Founded in 1988, Preverco has fared well during the COVID-19 pandemic, thanks to major technology investments made in the past two years in its equipment and plants in Saint-Augustin-de-Desmaures, Daveluyville and Boisbriand.

More specifically, to improve its automation processes, the family business purchased state-of-the art robots. As a result of these innovations, Preverco continues to set itself apart in the industry and increase sales both in Québec and abroad.

A pioneering Québec company
Besides having its own sawmill, which ensures it has a constant supply of wood, Preverco is also visionary in that it was among the first in the Québec industry to pivot to engineered flooring, which today accounts for more than half of its sales.
Right from the start, Preverco focused on staying ahead of the curve. To that end, the company created an internal R&D team to develop inspiring new products that meet the needs and tastes of a constantly changing clientele.

“We would like to thank the Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Québec for their trust and commitment. This exceptional support will allow us to continue growing, invest in technology and keep hundreds of quality jobs in Québec,” said Preverco President and CEO Jean-François Duchesne.

Technology transition – the core strategy of local businesses
“Technology transition allows Québec manufacturers to better face increasingly stiff global competition and take their rightful place on the international stage. Our investment in Preverco is consistent with our mission to actively contribute to the growth of SMEs that play a key role in the prosperity of our regions,” said Frédéric Bernard, Regional Vice-President, Fonds régionaux de solidarité FTQ, Québec City and Chaudière-Appalaches regions.

“Through technological innovation, local businesses are better equipped to face the shortage of specialized labour, which is most acute in certain industry sectors and regions of Québec. Our commitment to Preverco is another opportunity for the Fonds de solidarité FTQ to invest in order to build a better society, said Julie Morand, Vice-President, Investments, Fonds de solidarité FTQ.

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With net assets of $13.8 billion as at May 31, 2020, the Fonds has helped create and protect 221,267 jobs. The Fonds has 3,329 partner companies and 707,935 shareholders-savers.

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.

About Preverco
Launched in 1988 in Beauport, Preverco is a leading manufacturer of solid and engineered wood flooring in Canada. The Québec family business has plants in Saint-Augustin-de-Desmaures, Daveluyville and Boisbriand, allowing it to keep projects flowing and build on its achievements both in Québec and on the world stage. Relying on a cohesive, engaged team, as well as on the trust of its customers and business partners, Preverco is more than just a flooring manufacturer, it is a creator of inspired fashionable ambiances.