Garaga owners buy Novatech Group

The owners of the garage door manufacturer Garaga have acquired the Novatech Group, on the South Shore of Montreal, as part of a major transaction involving Investissement Québec and the Fonds FTQ. Ultimately, the Gendreau family, from Saint-Georges in Beauce, will run an empire with 1 billion in annual sales.

The amount of the transaction of several tens of millions of dollars was not disclosed. But both the Gendreau family, at the head of Garaga, and the Novatech Group, North American leader in the manufacturing of patio doors and steel doors, were delighted yesterday to have succeeded in retaining ownership of this flagship of local entrepreneurship in Quebec hands.

Harold Savard, CEO and shareholder of Novatech, surrounded by brothers Martin and Maxime Gendreau, co-owners of Garaga and very soon majority shareholders of Novatech.

Courtesy photo

The agreed agreement provides that Garaga will become, from May 27, the main shareholder of the Novatech Group, a share until then held by its founder Raymond Ouellette, who wanted to withdraw from the company without letting the company slip away. fruit of his work over the last 40 years to foreign interests.

Help from IQ and the Fonds FTQ

In support of the Gendreau family, Investissement Québec (IQ) and the Fonds de solidarité FTQ are added to the capital of Novatech, replacing the Caisse de dépôt et placement du Québec which has chosen to withdraw.

An employee of the Novatech Group, working in one of its 16 factories and distribution centers in Canada and the United States.

Courtesy photo

Investissement Québec granted an amount of $56 million to the transaction, including $36 million in common shares and $20 million in the form of debt.

Via the Fund for the Growth of Quebec Businesses, IQ also granted additional financial support of $34 million in the form of common shares.

For its part, the Fonds FTQ made a contribution of $60 million, including $40 million in common shares and $20 million in the form of loans.

Through this transaction, the Gendreau family, from Saint-Georges in Beauce, becomes the owner of two Quebec flagships which have more than 3,000 employees and an annual turnover of more than $1 billion.

Entrepreneurial family

“The acquisition of the Novatech Group is part of the continuation of our family’s entrepreneurial journey. We are privileged to now own two organizations firmly established in their North American market which will share their knowledge and their vision of the industry,” explains Maxime Gendreau, co-president of Garaga.

The Gendreau family (Garaga) buys the Novatech Group

Courtesy photo

The latter specifies that the two organizations, Garaga, the company founded by Michel Gendreau in the early 1980s, and the Novatech Group, founded by Raymond Ouellette around the same time, will continue to operate completely autonomously.

Harold Savard, who remains president of the Novatech Group, does not anticipate any layoffs as a result of this transaction. “The recognized experience of the Gendreau family in the operation and development of businesses established in Quebec and elsewhere will allow us,” he rejoices, “to continue our growth, to maintain our culture and our corporate values.”

Closing of the investor financing and purchase transaction is scheduled for May 27, 2024 and remains subject to the satisfaction of certain closing conditions, including final documentation.

Novatech Group:

Founded: 1982

Employees: 1500

Specialty: manufacturing of door and window components

Garaga Group:

Founded: 1983

Employees: 1500

Specialty: manufacturing, installation and repair of garage doors

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