Novacap has acquired a majority stake in Foliot Furniture, a manufacturer of furnishings for the hospitality and educational housing sectors, in partnership with the company’s management team and Fonds de solidarité FTQ (Funds FTQ).
Foliot’s products include beds, desks and chairs, work tables and carrels, dressers and nightstands, wardrobes, and bookcases that are designed and produced through state-of-the-art computer-controlled machinery in a fully automated production process.
The company’s products are sold across North America to hotels, resorts, universities, and colleges. Since its founding in 1991 by President Daniel Foliot, the company has made and delivered more than one million rooms of furniture. Foliot, with more than 500 employees, has a 300,000 sq. ft. facility in Las Vegas and a 250 000 sq. ft. facility and headquarters in St-Jérôme, QC.
“For nearly 30 years, we have been finding innovative solutions to create unique quality furniture that is as aesthetic as robust and meets our customers’ high standards,” said Mr. Foliot. “We are proud to unite with a partner of Novacap’s caliber to drive our company into its next phase of growth.”
“Novacap recognizes Daniel Foliot’s success and the passion that drives him, we found in him and his team the same values as ours,” said Michel Toutant, a senior partner at Novacap. “We are convinced that the current management team is world-class and that the combination of their expertise with ours will allow Foliot Furniture to continue its momentum. We are all very excited about working with the Foliot team.”
Novacap, with $3.3 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.
Funds FTQ, which has been an investor in Foliot since 2010, is a development capital investment fund founded in 1983 by the Quebec Federation of Labor (FTQ), the largest labor union in Quebec with over 500,000 members.
“Under the direction of Daniel Foliot, the St-Jérôme-based company has experienced steady growth in the past years. Considering that the Fonds de solidarité FTQ has been the company’s partner since 2010, we are pleased to join Novacap to continue the great history of Foliot furniture,” said Daniel Hinse, a vice president at Funds FTQ.
Funds FTQ is headquartered in Montreal and has assets under management of $15.6 billion as of May 2019.
© 2019 Private Equity Professional | November 5, 2019