Deschênes Group Inc. (DGI) has completed the acquisition of Corix Water Products (CWP), a division of Corix Infrastructure Inc., a company privately held by the BC Investment Management Corporation (bcIMC). Financial terms were not disclosed.
Montreal based Deschenes Group announced the acquisition in October 2017. The transaction was subject to regulatory approval and other closing conditions and was slated to close in January 2018.
The acquisition, effective as of January 1, 2018, has expanded the geographic area where DGI distributes products for water, sewage, and irrigation systems. The acquisition has added 55 new sales outlets to DGI’s current network, including 43 across Canada and 12 in the states of Washington, Oregon, California, and Texas.
photo credit: Deschênes
News Release
Deschênes Group Inc. acquires Corix Water Products
Jan 19, 2018
Company crosses the billion-dollar mark and enters the U.S. market
Montreal – Deschênes Group Inc. (DGI) has acquired Corix Water Products (CWP), a division of Corix Infrastructure Inc., cementing its position as the leading Canadian-owned company in its industry. The acquisition has also given DGI access to the U.S. market and will push the company’s sales past the billion-dollar mark.
The acquisition, effective as of January 1, 2018, has expanded the geographic area where DGI distributes products for water, sewage, and irrigation systems. The acquisition has added 55 new sales outlets to DGI’s current network, including 43 across Canada and 12 in the states of Washington, Oregon, California, and Texas. DGI now has 186 sales outlets and 2,600 qualified employees. The names of the various companies involved in the transaction currently remain the same in Canada and the U.S.
Complementary strategies and similar workplace culture
“The transaction with CWP fits perfectly with our growth strategy,” said DGI President and CEO François Deschênes. “When we’re looking to make an acquisition, finding a company that’s the right fit and shares our values is key. That’s exactly what we found with CWP — a Canadian company that’s established in the U.S., is customer oriented, and employs highly qualified people. Our priority is to ensure a smooth transition for our teams and create a stimulating work environment that will ultimately benefit all our customers.”
“CWP is a strong business that will undoubtedly continue to grow in the years to come,” said Corix Infrastructure Inc. President and CEO Gordon Barefoot. “We wish them continued success under their new ownership.”
A new line of business
DGI is active in six main sectors across Canada: plumbing and heating, electrical, waterworks, HVAC/R, fire protection, and, since 2016, auto parts. The transaction to acquire CWP will add a seventh line of business to the list — providing measurement and control equipment to the oil, gas, industrial, and municipal market sectors in Western Canada via Corix Control Solutions.
About Deschênes Group Inc.
Deschênes Group Inc. is a private, family-owned company founded in 1940 and based out of Montreal. DGI is the largest Canadian-owned company in its field and is a leading wholesale distributor that serves the plumbing and heating, electrical, waterworks, fire protection, HVAC/R, auto parts markets, and measurement and control equipment to the oil and gas markets. DGI has 186 sales outlets in Canada and the U.S., including 19 specialty plumbing stores in Quebec and Ontario. Since 2009 DGI has been recognized as one of Canada’s Best Managed Companies. For more information, visit: www.deschenesgroup.com.
About Corix Infrastructure Inc.
With over 100 years of experience, Corix Group of Companies is a leading provider of sustainable utility infrastructure solutions across North America. Corix is privately held by the BC Investment Management Corporation (bcIMC). For more information, visit: www.corix.com.
Source: Deschênes Group Inc.
To interview François Deschênes, please contact:
Andrea Mancini | CASACOM
416-346-1480
amancini@casacom.ca