Novacap, in partnership with Charles Massicotte, has acquired Mailhot Industries. Financial terms were not disclosed. Massicotte, President & CEO of Mailhot Industries, will continue to lead the company.
Novacap made the investment through Novacap Industries IV fund. Gowling WLG (Canada) LLP acted as legal counsel.
Founded in 1956 by Gilles Mailhot, Saint-Jacques, Québec based Mailhot Industries is a manufacturer of hydraulic cylinders employing the latest-generation technology. The company offers a complete line of hydraulic cylinders, of both single stage and telescopic variety.
All 324 employee positions at the company will be maintained, as will all management roles.
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, Senior Partner, Industries, 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 calibre of Novacap in order to propel our company to the next phase of its growth. 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,” said Massicotte.
photo credit: Mailhot Industries