Quebec door giants join forces as family behind Garaga to buy Novatech in $500-million-plus deal

One of Canada ’s largest patio door makers is selling out to the family behind the country’s leading garage door manufacturer in a play to keep the company in domestic hands.

Terms were not disclosed but two sources familiar with the transaction said the buyers are paying more than $500-million for Novatech. The Globe and Mail is not identifying the sources as they are not authorized to discuss the matter.native Raymond Ouellet, respectively. The two knew each other for years but never competed: While Garaga made garage doors, Novatech started out making decorative door glass before expanding into patio and steel doors.

“It was very important for us to continue the business in Canada,” said Mr. Savard, who will remain CEO of Novatech and run it as a stand-alone business with existing management. “We didn’t want to go to market and make a deal with private equity from the U.S. It was very important for us to keep our head office here, inMaxime Gendreau said his family will become majority owners of Novatech through their holding company, keeping Garaga as a separate entity.

Source: News Formal (newsformal.com)

Novatech Garaga Quebec Canada Business Family Years Martin New Brunswick Woodbridge

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