A round capital of $38 million (CADs) has been invested in energy management solutions provider Distech Controls (DC) to accelerate company growth and worldwide development, which will also include acquisitions.
Caisse de dépôt et placement du Québec (CDPQ), Export Development Canada (EDC), EnerTech Capital, Fonds de solidarité FTQ, W2 Investments and a strategic partner have partnered with Étienne Veilleux, president and CEO of DC, to form a majority Canadian ownership, according to DC.
Veilleux said bringing together the right team in combination with the appropriate financial partners will help them to better serve his company's customers and partners. "This positions us to accelerate our development globally and our continued investment in our unique products and solutions, as well as support our strategic plan, including acquisitions of complementary businesses, to take advantage of significant opportunities for Distech Controls in the marketplace," he said.
Normand Provost, executive vice-president of private equity for the Caisse, said his company's $8 million (CAD) investment will help strengthen Québec's position in the growing cleantech industry.
Stephen Wilhelm, lead investment manager of investments for EDC, said he is confident that his company's choice to invest was the right one because of the growth DC has experienced so far. "ED'’s investment extends beyond the capital injection; we will be playing an active role in supporting Distech Controls as they enter new markets, by helping them identify new partnering opportunities through EDC's international relationships and connections," he says.
Wally Hunter, managing director for EnerTech Capital, said his company has chosen to invest in DC because of its knowledge in the building automation sector and their companies' common investment goals. "The growing focus of building owners on increased energy efficiency through the use of open architecture controls/building automation solutions, which Distech Controls provides, will continue to fuel significant global revenue growth opportunities for the company," he said.
Alain Denis, senior vice-president of new economy for Fonds de solidarité FTQ, said the partnerships allows for increased job opportunities for green technology in Quebec. "This $14.3 miliion (CAD) investment meets the Fonds' sustainable development objectives in that economic, environmental and social concerns are addressed," he said.