Novacap has acquired Mailhot Industries, a Canadian-based manufacturer of hydraulic cylinders.
Mailhot Industries was founded in 1956 and is a manufacturer of single-stage and telescopic hydraulic cylinders. The company’s products are used refuse trucks, dump trucks, stationary refuse compactors, snow removal equipment and lifting equipment.
Mailhot Industries, led by CEO Charles Massicotte, has 324 employees, a plant in Saint-Jacques, QE (headquarters); distribution centers in Edmonton, AB and Nashua, NH; and an additional plant in Mexico (www.mailhotindustries.com). All 324 employee positions at the company will be maintained, as will all management roles, and Novacap plans to invest in the company’s growth to help it expand into new markets.
“The team at Mailhot has demonstrated peerless know-how in innovation, production and market development,” said Frédérick Perrault, a Senior Partner at Novacap. “We firmly believe that blending their expertise with that of Novacap will enable Mailhot to drive growth and become the North American leader in its industry segment. This partnership will allow us to explore multiple strategic opportunities with an eye to consolidating Mailhot’s foundations, which are already quite sound. We are all very enthusiastic about this chance to work with a very dynamic company.”
“Mailhot is proud to be joining forces with a strategic partner of the caliber of Novacap in order to propel our company to the next phase of its growth,” said Mr. Massicotte. “With its team of seasoned managers and this injection of fresh capital, it will bring complementary expertise that will enable us to accelerate our development plan and achieve our high ambitions by exploring new market segments.”
Novacap, with $2.3 billion in assets under management, invests in middle market companies within traditional industries and in companies in the technology, media and telecommunications sector. The firm was founded in 1981 and is based in Quebec (www.novacap.ca).
© 2018 Private Equity Professional | February 16, 2018