Novacap, through Novacap Industries IV, L.P. has acquired a controlling stake in Bestar Inc. Financial terms of the transaction were not disclosed.
Founded in 1948, Lac-Mégantic, Quebec based Bestar is a leading designer and manufacturer of ready-to-assemble home and office furniture primarily sold online in Canada and the United States. The company currently employs over 150 people in the Eastern Townships.
In January 2015, an investor group led by Mario Aubé and Mario Beaudoin acquired Bestar Inc. (formerly CSE: BES) from Fonds de solidarité FTQ and other shareholders for $2.7 million.
“We are very pleased to team up with a local business partner with a proven track record of acquisitions and strategic alliances,” said Mario Aubé, President of Bestar. “Novacap will help us achieve our business plan and our many growth projects. We are convinced that together we will form a strong team that will consolidate our success and propel the company’s growth. ”
“Novacap is particularly proud to partner with Bestar,” said Frédérick Perrault, senior partner at Novacap. “Over the years, the company has built strong relationships with key customers in the industry. Bestar holds a strategic position in the market, supported by continuous innovation and a significant presence on the Internet. We are very excited to team up with seasoned operators and we look forward to contributing to Bestar’s ambitious growth plan.”
photo credit: Bestar