Entrepreneurial Canadian Family Owner of Garaga Inc. Announces the Acquisition of Novatech Group Inc.

SAINTE-JULIE, QC, May 22, 2024 /CNW/ - The Gendreau family, Canadian owners of Garaga Inc. (Garaga), a North American pioneer in the manufacture of garage doors, announces the acquisition of Novatech Group Inc. (Novatech), a cutting-edge Canadian company specializing in the manufacture of entry doors, doorglass, patio doors and tailor-made insulated glass. The closing of the investor financing and purchase transaction is scheduled for May 27, 2024, and remains subject to the fulfillment of certain closing conditions, including final documentation.

Since its foundation by Raymond Ouellette in 1982 in Sainte-Julie, Novatech has grown into a company offering a complete range of products: glass processing, manufacture of doorglass, steel doors and patio doors, PVC extrusion, etc. Novatech has 16 plants and distribution centers in Canada and the United States, as well as an innovation center for research and development of new products since 2009.

Two North American industry leaders combining a turnover exceeding $1 billion

United by shareholding, Garaga Inc., owned by the Gendreau family, and Novatech Group Inc. combine an annual turnover exceeding $1 billion and more than 3,000 employees. "The acquisition of the Novatech Group is a continuation of our family's entrepreneurial journey. We are now privileged to be the owners of two organizations such as Garaga Inc. and Novatech Group Inc. that are firmly established in their North American markets," says Maxime Gendreau, Co-President of Garaga. "It is important to specify that both organizations, Garaga, the company founded by our father Michel Gendreau, and Novatech Group will continue to operate completely autonomously," adds Maxime Gendreau.

"This major transaction between the Gendreau family and Novatech's founder, Raymond Ouellette, ensures the continuity of Novatech's Québec ownership, while allowing for a natural transition of ownership for the organization. The Gendreau family's recognized experience in the development and operation of companies based in Québec, Canada and the United States will allow us to continue growing and maintaining our company culture and values," says Harold Savard, President of Novatech Group.

This transaction is very attractive from a commercial standpoint, thanks to each company's seasoned executive and specialized plant teams, respective 40-year histories and the great complementarity between their respective operations.

Harold Savard, the current president of Novatech, will remain in office and continue to be a shareholder. The company's management will remain the same. Sharing of best practices and potential synergies will be explored.

Advisors 

KPMG LLP, an audit, tax and advisory firm, ensured the role of financial advisor. Norton Rose Fulbright acted as legal advisor to the Gendreau family. Gowling WLG (Canada) LLP acted as legal advisors to Novatech Group Inc., Raymond Ouellette and Harold Savard.

About Novatech Group Inc.

Founded in 1982, Novatech Group employs over 1,500 people and is Canada's leading manufacturer of components for the window and door industry. Its state-of-the-art plants manufacture residential steel door panels, doorglass, patio doors and glass products for residential, commercial and institutional construction. Its North American and international customers are served from 16 manufacturing facilities and distribution centers in Québec, Ontario, Alberta and the United States.

About the Gendreau family and Garaga Inc.

The Gendreau family, originally from the Beauce region, owns Garaga Inc. which was founded in 1983 by Michel Gendreau. The company is now run by the twin Co-Presidents Martin et Maxime Gendreau. Garaga operates four manufacturing plants and over 55 garage door sales, installation and repair branches. The four manufacturing plants are located in Saint-Georges (Québec), Barrie (Ontario), Ponca City (Oklahoma) and Bemidji (Minnesota). Garaga also distributes its products through an independent distribution network of over 650 specialists and 1,300 renovation centers. Garaga products are available across Canada and in 48 U.S. states.

SOURCE Groupe Novatech inc.

Source: Michel, Martin, Maxime and Isabelle Gendreau; Harold Savard, President, Novatech; Media Information: For the Gendreau family/Garaga Inc. and Novatech Group Inc., Marie-Michelle Chartier, Director - Corporate Communications, Arsenal conseils, [email protected], [phone]