The private investment fund Novacap concluded a continuation vehicle transaction, after acquiring a majority stake in the Master Group, specializing in heating and air conditioning.
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With Goldman Sachs Asset Management’s Vintage Funds as its main investor, the continuation vehicle includes several institutional investors, including the Fonds de solidarité FTQ.
The transaction concluded by the industries division of Novacap allows the United States-based Master company to expand its HVAC / A market in Canada and the United States, with its 68 branches and five distribution centers.
“The continuation vehicle is a testament to our unwavering commitment to providing Master with the resources and strike force necessary to succeed in its next phase of growth,” said Jacques Foisy, Chairman of the Board of Directors and Associate Director at Novacap.
“In partnership with Novacap, the company is implementing its strategic plan to double its activities over the next five years by increasing its presence in Canada and the United States through continued growth and organic acquisitions,” said Louis St-Laurent, Chief Executive Officer of Master.