Polycor Regains Canadian-American Ownership
QUÉBEC CITY – Polycor is once again a North-American-owned company, as the company gets new financing to buy back its capital and repay former financing.
PNC Mezzanine Capital, a subsidiary of PNC Bank, in Pittsburgh, produced the financing for Polycor to regaom all of its capital from its former French shareholder and repay the investment from Fonds de solidarité FTQ, a Quebec capital-investment source.
Polycor is retaking control of its management due to more than $20 million from PNC Mezzanine
“We are proud of this new collaboration with PNC Mezzanine and of becoming majority shareholders of our company, which continues to stand out globally,” said Polycor President/CEO Patrick Pérus. “Our heart is in America, and we want to expand our company with this heritage.”
Polycor thanked Fonds de solidarité for its loyalty over the past 20 years. The partnership has given rise to an industry leader and created more than 320 jobs, in the US and Canada.
Since 2011, Polycor has posted growth of more than 10% per year. The company closed $60 million in sales in 2014 alone, including 70% in exports.
Powered by a high potential market, Polycor intends to continue expanding in the future. The recovery of the American construction market combined with the depreciation of the Canadian dollar and low energy costs present attractive prospects for sustaining the natural-stone giant’s growth.
“There are some great opportunities for growth and acquisitions in this highly fragmented market,” Pérus said. “The partnership with PNC Mezzanine puts us in a good position to seize these opportunities.”
Polycor is headquartered in Québec City and has been providing natural stone products in North America since 1987. Polycor transforms granite, marble, limestone, soapstone, and recycled glass into slabs, tiles, mosaics, landscaping products, and curbs. The company produces more than 1.5 million cubic feet of rough blocks per year.
