MONTREAL, Nov. 1, 2023
/CNW/ - CVTech-IBC of Drummondville, a firm that specializes in the
design and manufacture of continuously variable transmissions
(CVTs), announces an investment in the capital stock of the company
with the support of National Bank Private Investment (NBPI). The
investment will be used by management to buy the shares of the
president and majority shareholder, Alain
Charest, and Operations Manager, Marc Dionne.
This transaction finalizes the transfer of the company initiated
by its president a few years ago when he formed a solid management
team to ensure succession. David Ouellet is being named the
new President and Chief Operating Officer. He will be supported by
the existing management team to continue to grow the company.
National Bank Commercial Banking and Investissement Québec
assisted with the transaction by arranging bank financing.
Founded in Drummondville in
1969, CVTech-IBC specializes in the design and manufacture of
continuously variable transmissions for cars and recreational and
utility vehicles. A leader in its field, the company is present in
markets around the globe including Canada, the United
States, Europe and
Asia, and employs close to 200
specialized workers in the region.
"From the outset, the National Bank Private Investment (NBPI)
team has been the ideal partner to ensure a smooth transition
because they value our know-how and our desire to make sure that
CVTech-IBC continues to grow and thrive in Quebec. The relationship formed naturally from
the first meetings and my team is happy to continue working with
such a valuable partner. I will continue to be involved by sitting
on the board of directors to be formed. This announcement marks an
important milestone for CVTech-IBC that is embarking on a new
growth phase," commented Alain
Charest of CVTech.
"CVTech-IBC has an excellent reputation in the market owing to
its high-quality products and services and its innovative culture
that is evident in all its activities. NBPI firmly believes it can
guide the company through the next phase of its growth by
supporting the development and marketing of new solutions and
optimizing its processes," noted Luc Ménard, Executive
Vice-President, Managing Director and Head of Private Investments
at National Bank. "SMEs are the backbone of our economy and we're
seeing more and more business transfers. That's why it's so
important to offer them the support they need at this key juncture.
It ensures not only the prosperity of the company itself, but also
of our economy."
About National Bank of Canada
With $426 billion in assets as at July 31, 2023,
National Bank of Canada, together
with its subsidiaries, forms one of Canada's leading integrated financial groups.
The Bank has approximately 30,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank's activities at nbc.ca or via social media.
About National Bank Private Investment
National Bank Investments Inc. does business under the
name National Bank Private Investment and manages the National Bank
SME Growth Fund, L.P. National Bank Private Investment
(NBPI) is a venture capital firm that offers diversified
investment opportunities to a clientele of seasoned investors from
the National Bank network. The capital raised provides support to
growing companies that wish to remain in control of their
development and work with long-term partners.
TM National Bank Private Investment is a trademark
of National Bank of Canada.
About CVTech-IBC
CVTech-IBC specializes in the design and
manufacture of continuously variable transmissions
(CVTs) for cars and recreational and utility vehicles. We
are present in markets around the globe including Canada, the United
States, Europe and
Asia. Our mission is to make sure
our partner clients benefit from our knowledge and know-how about
CVTs so that we can offer them products that meet their specific
needs. Our team works closely with them to help them make better
performing and efficient vehicles.
SOURCE National Bank of Canada