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Norbec announces significant investment by Sagard Private Equity Canada

New partnership will permit Norbec to expand its operations

Boucherville, October 10, 2023 – Norbec Inc. (“Norbec” or the “Company”), a leading manufacturer of insulated metal panels and walk-in coolers and freezers since 1982, is pleased to announce a significant investment in its share capital by Sagard Private Equity Canada (“Sagard PE”).

“There is a strong fit between Sagard’s reputation and profile, and Norbec’s mission and core values,” stated Norbec President Jan Lembregts. “We appreciate the Sagard team’s extensive network and expertise, and their investment horizon. This new partnership will permit us to expand our operations.”

“We are proud to partner with Norbec’s experienced management team to help them pursue their strategic priorities, including continued scaling of the business in targeted regions with current and new projects,” said Marie-Claude Boisvert, Partner and Head of Sagard PE. “We are convinced this new collaboration will have a positive outcome for all Norbec stakeholders, including the company’s employees, customers and suppliers.”

The Norbec management team will be the leading shareholder group, along with Desjardins Capital, Sagard and Norbec’s founder. There is strong alignment between all shareholders to continue to build a best-in-class business.

Norbec’s headquarters will remain in Boucherville, Quebec.

“Despite our ongoing pattern of rapid growth, we will ensure that Norbec’s values of customer experience, respect, collaboration, engagement and innovation remain the foundation of our business strategy and our success,” added Mr. Lembregts. “We are very grateful for the loyalty and hard work of our 325 employees who are part of the Norbec family. Our core purpose of contributing to a more sustainable world with premium insulated solutions will continue to guide us.”

About Norbec

Norbec manufactures prefabricated cold rooms, insulated doors and insulated metal panels for building envelopes. Founded in 1982, Norbec has earned an enviable reputation as a leader in numerous sectors, including supermarkets, restaurants, food processing plants, refrigerated warehouses, hospitals, and research centres. Norbec’s success is built on its high-quality products, exceptional service, and commitment to innovation.

About Sagard Private Equity Canada
Launched in 2021, Sagard PE focuses on Canadian middle-market opportunities, partnering with management and other like-minded investors to help companies accelerate their growth trajectory to become Canadian champions and market leaders. With offices in Montreal and Toronto and a focus across Canada, Sagard PE is currently deploying its first fund by leveraging the team’s 25+ years of experience in private equity investing in North America and Europe and the resources of Sagard’s Value Creation Team and global ecosystem.

About Capital régional et coopératif Desjardins
With more than 112,000 shareholders, Capital régional et coopératif Desjardins (CRCD) is a public company with $2,586 million in net assets. CRCD contributes to Québec economic development through several levers developed with its manager, Desjardins Capital. These levers, with CRCD as the driving force, form an entrepreneurial ecosystem designed to value and nurture the best of Québec entrepreneurship. As at June 30, 2023, $2,301 million in commitments had been made through CRCD’s ecosystem to support the growth of 770 businesses, cooperatives and funds in various industries spanning all Québec regions.

Source: Norbec Inc.

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