Hot on the heals of the signing of an agreement to acquire the distribution component of Eastern Refrigeration Supply Co. Ltd., The Master Group L.P. has signed a transaction involving the sale of 65 per cent of the company to Novacap, a Quebec-based private equity firm. The independent HVAC/R distributor will operate with the current management team of Alain Fournier, Michel Ringuet and Louis St-Laurent in place.
“Our association with a local business partner, whose expertise in the management of acquisition projects and strategic alliances crosses our borders, will be key to the implementation of the longer term business plan of The Master Group and will be a huge support to all our growth plans. This partnership represents a great business opportunity for us, guaranteeing the continued development and growth we have generated over the years, and the success we expect to achieve in new markets ” said Ringuet, who is chief executive officer, The Master Group. “ While Louis, Alain and I remain in our current positions and in the driver’s seat, our partners at Novacap will devote their efforts to carry out possible acquisitions and strengthen The Master Group’s leadership in North America. ”
“The Novacap team is very proud of this acquisition,” said Jacques Foisy, president and managing partner, Novacap Industries. “The Master Group is run by a very skilled management team who has always manoeuvred towards the pole position through all economic and market conditions. We are more than confident that together we will bring this already very successful company to new heights and that this new partnership will create even greater growth opportunities for the Group’s employees.“
The Master Group currently employs more than 560 individuals in over 21 branches and three distribution centres spanning from Southwestern Ontario to the Maritimes.
