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In 2016, for the third straight year, Novacap’s M&A transactions amounted to over $1B. We added six new platform companies to our portfolio and made four strategic add-on acquisitions to fuel further growth. In addition, we successfully exited four investments. In March, the Toronto office moved to its new premises on Bay Street. Our investment team has continued to expand, with nine new employees now working in our Montreal and Toronto offices.
Another billion-dollar year
THE YEAR IN REVIEW • 2016
2016 EXECUTIVE SUMMARY
CONTINUED
35 YEARS OF PARTNERSHIP
AND GROWTH
A2016 EXECUTIVE SUMMARY
Another billion-dollar year
CONTINUED
In March 2016, we completed the final closing of the Novacap Industries IV fund at $470 million, 11% above our initial goal of $425 million. Together with Novacap TMT IV, this fund has allowed the firm to raise $845 million over the past two years, bringing our total assets under management to $1.6 billion.
We take pride in the reputation we have built over the last 35 years as investors, partners and responsible, respectful members of our community. Every day we aim to build trust, inspire loyalty and instill confidence among our investors. We firmly believe that holding true to these values will continue to be the main driver of our success.
The year 2017 looks very promising. Novacap TMT V fundraising is currently under way, with a closing anticipated for the end of the second quarter.
Both TMT and Industries have numerous opportunities in the pipeline for both platform and add-on acquisitions. Our plan in the short and long term remains unchanged: Novacap will continue to build world-class companies, partner with the best entrepreneurs, and continue to generate superior returns across all of our investments.
We thank our investors for their continued confidence and their loyalty to Novacap. Together, we have created the momentum that has brought us to where we are today.
Sincerely,
Pascal Tremblay President, Managing Partner – Novacap TMT
Jacques Foisy President, Managing Partner – Novacap Industries
INVESTMENT AREAS
• Manufacturing of industrial goods
• Manufacturing of consumer goods
• Business services
• Distribution
• Information and industrial technology
• Media
• Telecommunications technology and services
• Technology-enabled companies
INDUSTRIES TMT
Novacap: focused on partnering with Canadian mid-sized companies with long-term growth potential
6 acquisitions 4 add-on acquisitions 4 divestments 9 new team members Final closing of Novacap Industries IV At $470M
TARGET COMPANIES2016 Highlights
Sales $30M to $500M +
Value $30M to $300M +
TRANSACTION TYPES
• Partial or full shareholder buyout• Spin-off• Privatization• Mild restructuring and/or recapitalization• Growth capital
Add-on to KDC
THIBIANT INTERNATIONAL INC. Proven innovator in custom formulation and manufacturing of personal care and skin care products.
Acquisitions Acquisitions
Add-on acquisitions
Add-on acquisitions
Divestments Divestments
MUCCI FARMS Leading grower, packer and shipper of greenhouse vegetables to markets across North America.
WINDMILL FARMS Leader in the production of mushrooms in Canada.
Add-on to The Master Group
YORK GTA Distribution operations of Johnson Controls’ Unitary Products Group (York®), a supplier of HVAC&R equipment, in Ontario.
Add-on to Smyth
PURE PACK TECHNOLOGIES Providing high-quality printing in the flexible packaging market, as well as in the printed popcorn bags market.
SYNTAX Leading provider of cloud managed ERP (Enterprise Resource Planning) services.
FIRSTLIGHT FIBER Leading provider of high-speed data, Internet, data centre and voice services to enterprise and carrier customers.
INTELERAD MEDICAL SYSTEMS Leader in imaging and workflow solutions for the diagnosis and communication of radiology exams for imaging centres, radiologist reading groups and hospitals.
FIRMEX Global provider of virtual data rooms, offering cloud-based document-sharing solutions in over 140 countries.
Add-on to Dialogic
APEX COMMUNICATION TECHNOLOGIES Provider of service delivery platforms (SDPs) and multi-service telecom application servers.
ENVIRO-VIRIDIS Sold to GFL Environmental Inc.
IDAHO PACIFIC Sold to Arlon Group
FIBRENOIRE Sold to Vidéotron
OXFORD NETWORKS Sold to Oak Hill Capital Partners
TMTINDUSTRIES
Growing stronger
Étienne-Antoine Veilleux, founder of Distech Controls, joined Novacap’s TMT group as a Senior Partner in September 2016. Étienne led Distech Controls, a building energy management solutions provider, for more than two decades. Founded in 1995, the Brossard, Quebec, company showed remarkable growth, often appearing on the Deloitte Technology Fast 50, and won numerous awards.
In Toronto, the Novacap Industries team recruited Jamie Cartwright as a Vice President in October. Prior to joining Novacap, Jamie worked at The Stronach Group as Executive Vice President of Corporate Operations. Before that, he held senior positions in the corporate advisory and restructuring practice at PricewaterhouseCoopers.
The Novacap TMT team recruited David Brassard as a Vice President in October. Prior to joining Novacap, David was a Senior Associate at Persistence Capital Partners (“PCP”), a private equity fund focused on the healthcare industry. Prior to PCP, David worked at PricewaterhouseCoopers, where he spent five years with the Mergers & Acquisitions and Audit teams.
The Corporate team recruited Marc-Antoine Lachance as Vice President, Investments, in January. Prior to joining Novacap, Marc-Antoine worked at WSP and RONA, where he partic-ipated in numerous acquisition and integration transactions, financing, due diligence, and treasury management.
NEW TEAM MEMBERS IN 2016
The Corporate team recruited Lydia Veilleux as Senior Advisor, Communications and Marketing in August. Prior to joining Novacap, Lydia worked at Cossette Communications and Innergex Renewable Energy.
The Corporate team recruited Lucie Goyette as Junior Legal Counsel in June. Prior to joining Novacap, Lucie worked as a lawyer in a private law firm specializing in business law.
Laura Johnson-Legault joined Novacap TMT as an Analyst in May. Prior to joining Novacap, Laura worked as an account manager at GE Capital.
The Novacap TMT team recruited Jason Dacosta as an Analyst in September. Prior to joining Novacap, Jason worked as an analyst at Mango Fund.
The Novacap Industries team recruited Zachary Zheng as an Analyst in September. Prior to joining Novacap, Zachary worked as an investment banking summer analyst at CIBC World Markets in Hong Kong.
Pascal Tremblay President, Managing Partner T 450 651-5000 ext. 235 [email protected]
François Laflamme Senior Partner T 450 651-5000 ext. 234 [email protected]
Ted Mocarski Senior Partner T 450 651-5000 ext. 283 [email protected]
Stéphane Tremblay Senior Partner T 450 651-5000 ext. 256 [email protected]
Étienne A. Veilleux Senior Partner T 450 651-5000 ext. 242 [email protected]
Yong Kwon Partner T 416 536-2222 ext. 322 [email protected]
David Lewin Principal T 450 651-5000 ext. 250 [email protected]
David Brassard Vice President T 450 651-5000 ext. 260 [email protected]
Michael Notto Vice President T 416 536-2222 ext. 323 [email protected]
Samuel Nasso Senior Associate T 450 651-5000 ext. 252 [email protected]
Kristian Valenta Associate T 450 651-5000 ext. 257 [email protected]
Jason Dacosta Analyst T 450 651-5000 ext. 287 [email protected]
Laura Johnson-Legault Analyst T 450 651-5000 ext. 240 [email protected]
Alvy Mizelle Analyst T 450 651-5000 ext. 262 [email protected]
INDUSTRIES
MONTREAL OFFICE
375 Roland-Therrien Blvd. Suite 210 Longueuil, Quebec, CANADA J4H 4A6
T 450 651-5000
To learn more about Novacap, please contact us
Jacques Foisy President, Managing Partner T 450 651-5000 ext. 229 [email protected]
Michel Côté Senior Partner T 450 651-5000 ext. 223 [email protected]
Domenic Mancini Senior Partner T 450 651-5000 ext. 238 [email protected]
Marc Paiement Senior Partner T 416 536-2222 ext. 321 [email protected]
Frédérick Perrault Senior Partner T 450 651-5000 ext. 245 [email protected]
Antoine Casimir Jr. Principal T 450 651-5000 ext. 228 [email protected]
Jean-François Routhier Principal T 450 651-5000 ext. 237 [email protected]
Jamie Cartwright Vice President T 416 536-2222 ext. 325 [email protected]
Martin Lavallée Financial Director T 450 651-5000 ext. 247 [email protected]
Jonathan Dulude Associate T 450 651-5000 ext. 289 [email protected]
Anastassia Volkova Associate T 450 651-5000 ext. 232 [email protected]
Michelle Choong Senior Analyst T 416 536-2222 ext. 324 [email protected]
Nicolas Lindstrom Senior Analyst T 450 651-5000 ext. 239 [email protected]
Zachary Zhixiao Zheng Analyst T 450 651-5000 ext. 297 [email protected]
TORONTO OFFICE
181 Bay Street, Suite #IN200 Clarkson Gordon (Heritage) Building Toronto, Ontario, CANADA M5J 2T3
T 416 536-2222
TMT
Marc Beauchamp Founder and Chairman T 450 651-5000 ext. 227 [email protected]
Stéphane Blanchet Chief Financial Officer T 450 651-5000 ext. 224 [email protected]
Bruno-Étienne Duguay Chief Legal Officer T 450 651-5000 ext. 248 [email protected]
Stéphane Bergeron Vice President – Financing T 450 651-5000 ext. 263 [email protected]
Marc-Antoine Lachance Vice President – Investments T 450 651-5000 ext. 285 [email protected]
Josiane Turcotte Legal Counsel T 450 651-5000 ext. 259 [email protected]
Lydia Veilleux Senior Advisor – Communications & marketing T 450 651-5000 ext. 225 [email protected]
Lucie Goyette Junior Legal Counsel T 450 651-5000 ext. 251 [email protected]
Debra Mondoux Administrative Director T 450 651-5000 ext. 233 [email protected]
CORPORATE
The Novacap Investment Team
