One of Canada’s leading private equity firms Novacap has acquired a majority stake in Quebec based Foliot Furniture, a leader in the design and manufacture of quality furnishings for the hospitality and educational housing sectors.
Foliot Furniture’s mission is to provide exceptional service to its customers while creating a harmonious environment for employees and the surrounding community. Novacap intends to pursue the company’s growth and support the management team in its development opportunities.
“Novacap recognizes Daniel Foliot’s success and the passion that drives him, we found in him and his team the same values as ours, says Michel Toutant, senior partner - industries, Novacap.
“We are convinced that the current management team is world-class and that the combination of their expertise with ours will allow Foliot Furniture to continue its momentum. We are all very excited about working with the Foliot team.”
Daniel Foliot, founder and president, added: “For nearly 30 years, we have been finding innovative solutions to create unique quality furniture that is as aesthetic as robust and meets our customers’ high standards. We are proud to unite with a partner of Novacap’s caliber to drive our company into its next phase of growth.”
“Under the direction of Daniel Foliot, the St-Jérôme-based company has experienced steady growth in the past years. Considering that the Fonds de solidarité FTQ has been the company’s partner since 2010, we are pleased to join Novacap to continue the great history of Foliot furniture.” said Daniel Hinse, vice-president, investments - entertainment and consumer goods, of Fonds de solidarité FTQ.
Founded in 1981, Novacap is a leading Canadian private equity firm with $3.3 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies.
Foliot Furniture is dedicated to providing quality furnishings for the hospitality and educational housing communities. With nearly 30 years of manufacturing experience and having delivered more than one million rooms in hotels, resorts, universities, and colleges throughout North America, these achievements speak volumes about Foliot’s credibility and capabilities.
Foliot’s experienced team of woodworking and machinery experts is composed of some the industry’s most knowledgeable furniture specialists.