M&A Deal Summary

Birch Hill Equity Partners and Investissement Quebec Acquire Polycor

On May 4, 2022, private equity firm Birch Hill Equity Partners and Investissement Quebec acquired building materials company Polycor from TorQuest and PNC Mezzanine Capital

Acquisition Highlights
  • This is Birch Hill Equity Partners’ 1st and Investissement Quebec’s 1st transaction in the Building Materials sector.
  • This is Birch Hill Equity Partners’ 38th and Investissement Quebec’s 5th transaction in Canada.
  • This is Birch Hill Equity Partners’ 5th and Investissement Quebec’s 5th transaction in Quebec.

M&A Deal Summary
Date 2022-05-04
Target Polycor
Sector Building Materials
Buyer(s) Birch Hill Equity Partners
Investissement Quebec
Sellers(s) TorQuest
PNC Mezzanine Capital
Deal Type Secondary Buyout

Target

Polycor

Quebec, Quebec, Canada
Polycor is a dimensional stone company in North America, operating a network of quarries, manufacturing facilities, and retail stores. Polycor crafts custom stone blocks, slabs, tiles, mosaics, architectural stone, curbs, and landscaping products sold to diverse end markets. Polycor was founded in 1987 and is based in Quebec City.

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Buyer(S) 2

Buyer

Birch Hill Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 5.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Birch Hill Equity Partners is a middle-market private equity firm focused on investments in Canadian companies. Birch Hill targets growth oriented businesses valued between C$50 and C$1000 million. Sectors of interest include agriculture, communications, energy, environmental, entertainment, distribution, healthcare, manufacturing, software, and technology. Birch Hill will not consider investments in real estate, pure commodity companies or start ups. Birch Hill Equity Partners was formed in 1994 and is based in Toronto, Canada.

DEAL STATS #
Overall 44 of 47
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Quebec) 5 of 5
Country (Canada) 38 of 41
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-22 HomeEquity Bank

Toronto, Ontario, Canada

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage product. HomeEquity Bank was founded in 1986 and is based in Toronto, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-27 Uni-Select

Boucherville, Quebec, Canada

Uni-Select is a North American distributor of replacement parts, equipment, tools, accessories, paint, and related products in the automotive aftermarket. Uni-Select was founded in 1968 and is based in Boucherville, Canada.

Sell $2.1B
Buyer

Investissement Quebec

Montreal,, Quebec, Canada
Category Company
Founded 1998
Sector Financial Services
DESCRIPTION

Investissement Quebec invests in several areas including forest products, mining, energy, environment, etc.

DEAL STATS #
Overall 5 of 7
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Quebec) 5 of 7
Country (Canada) 5 of 7
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-08 Lou-Tec

Monteal, Quebec, Canada

Lou-Tec is involved in the rental of heavy machinery, specialized equipment, and tools used in construction, renovation, and maintenance of commercial, industrial, institutional, and residential buildings. Due to strong growth and being at the forefront of trends in the industry, the company continuously invests in new equipment and new technologies to offer its customers reliable, safe, and efficient equipment. Its rental experts are highly qualified and are committed to providing personalized and impeccable service. Lou-Tec was founded in 1979 and is based in Monteal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-22 Beehivr

Repentigny, Quebec, Canada

Beehivr has developed a platform for deploying sales assistance mobile solutions for professionals in various sectors, as well as for retailers. Beehivr is a global partner of Apple and does business with major customers in Canada, the United States, and Europe. Beehivr was formed in 2013 and is based in Repentigny, Quebec.

Buy -

Seller(S) 2

SELLER

TorQuest

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.

DEAL STATS #
Overall 22 of 26
Sector (Building Materials) 2 of 3
Type (Secondary Buyout) 8 of 10
State (Quebec) 4 of 4
Country (Canada) 17 of 20
Year (2022) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-15 Johnvince Foods

Downsview, Ontario, Canada

Johnvince Foods is a retailer of bulk food products ranging from nuts, dried fruits, beans and peas, chocolates and candies, spices and herbs and so much more. Johnvince Foods was founded in 1975 and is based in Downsview, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-03 Barrette Outdoor Living

Middleburg Hts, Ohio, United States

Barrette Outdoor Living empowers homeowners to bring their personal outdoor space to life by providing fencing, railing, decking, and complimentary outdoor products that beckon people to embrace their Outside SideTM. Barrette Outdoor Living is proud to be an American manufacturer, with 14 locations throughout North America that provide outdoor products sold through specialty retailers, home centers, and lumberyards. Featuring more than 70 patents, proprietary state-of-the-art machinery, and rigorous testing and control standards, Barrette Outdoor Living products are meticulously engineered, and designed for flexibility and ease of installation. Barrette Outdoor Living is based in Middleburg Hts, Ohio.

Sell $1.9B
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 43 of 49
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 17 of 19
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2022) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 Hoskin Scientific

Burnaby, British Columbia, Canada

Hoskin Scientific is a value-added distributor of essential test, measurement, and monitoring equipment serving the environmental, geotechnical, and processing markets throughout Canada. Hoskin Scientific was founded in 1946 and is based in Burnaby, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-29 Century Linen & Uniform

Gloversville, New York, United States

Century Linen & Uniform is a provider of outsourced linen management services, uniform programs, specialty products & value-added services to healthcare, hospitality, and commercial customers across the Northeast region. Century Linen & Uniform was founded in 1915 and is based in Gloversville, New York.

Buy -
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