Novacap closes its Industries IV Fund at $470 million

Canadian money

Longueuil-based Novacap, Quebec’s largest private equity fund manager with $1.5 billion in assets, closed its Novacap Industries IV Fund at $470 million.

The Novacap Industries IV Fund will invest in companies with strong growth potential in the industrial and manufacturing sectors, as well as in service and distribution. The fund was launched in October 2014 with an initial target of $425 million.

“We are proud to have been able to close this 4th generation fund for Novacap Industries, which will allow us to continue to contribute to the development of businesses here and abroad,” said Jacques Foisy, president and managing partner of Novacap Industries. “By supporting their growth and helping them become leaders in their market, we ensure that businesses realize their full potential and maximize their value, while remaining sensitive to their leaders’ aspirations.”

Since its initial launch, the Novacap Industries IV Fund has invested in KDC (Knowlton Development Corporation), a contract manufacturer of health and beauty-care products. It has also invested in Hallcon Corporation, which provides specialty outsourced services such as employee transportation and facility cleaning services to the railway and transit sectors in North America.

The closing of the Novacap Industries IV Fund adds to commitments of $375 million already announced in 2014 by the Novacap TMT IV Fund, which specializes in partnering with companies that have high growth potential in the technology, media, and telecommunications sectors. In total, Novacap has raised a total of $845 million over the past two years.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.