The financing will serve as a catalyst for the company's
growth strategy
SAINT-GEORGES, QC, June 27, 2024 /CNW/ - Manac, North America's largest manufacturer of
custom-built and specialized commercial trailers, is proud to
announce the closing of a major $170
million financing with Investissement Québec, BDC and
Desjardins. This financing, which includes a $30 million refinancing operation designed to
optimize Manac's financial position, will serve as a catalyst for
the company's growth strategy, notably through the expansion and
modernization of its largest manufacturing plant, established since
1967 in Saint-Georges, Quebec, as
well as the deployment of new sales and service centers in
Quebec and elsewhere in
Canada.
The company has secured loans totaling $170 million, including $40 million from the Gouvernement du Québec
ESSOR program, through its agent Investissement Québec, and
$30 million directly from
Investissement Québec own funds. Desjardins and BDC are
contributing with loans of $50
million each. This financial support will enable the
manufacturing company to accelerate the innovative technological
shift at its Saint-Georges plant,
to consolidate its appeal as an employer of choice in the
Chaudière-Appalaches region and maintain its position as the
Canadian leader in the manufacture of commercial semi-trailers.
These growth projects also include an expansion of the sales and
service network to increase Manac's presence within the freight
transport industry across North
America.
« We are grateful to all our partners for their continued
confidence in our company. Our team is guided by an ambitious
vision and a strong focus on continuous improvement. This new
financing is an important element in supporting our objectives. It
will enable us to adapt our St-Georges plant to the changes in
semi-trailer dimensions permitted by regulation, improve our
productivity by integrating innovative technologies, and broaden
the scope of our offering by setting up new sales and service
centers in Quebec and Canada. Maintaining an efficient, competitive
manufacturing site for over 55 years in a highly cyclical industry
is quite a challenge and requires the commitment of many partners.
The project we have just initiated is designed to enhance our
competitiveness and maintain the trust of our customers and
partners for many years to come. », declared Mr. Charles Dutil, president and chief executive
officer of Manac.
"Innovation and automation are critical for Québec companies to
stay competitive. Our financial support will allow Manac, a true
leader in its field, to modernize its facilities and ensure the
growth of its operations throughout Québec and North America," stated Pierre Fitzgibbon,
Minister of Economy, Innovation and Energy, Minister Responsible
for Regional Economic Development and Minister Responsible for the
Metropolis and the Montréal Region.
About Manac
Founded by Marcel Dutil in 1966,
Manac is the largest manufacturer of semi-trailers in Canada and a leading manufacturer of
specialized semi-trailers in North
America. Manac offers a wide range of vans, flatbeds and
specialized semi-trailers, such as dump trailers, flatbeds, chassis
as well as chip and log semi-trailers. Manac serves the heavy-duty
trailer industry in the trucking, construction, energy, mining,
forestry and agricultural sectors. Manac manufactures its trailers
at plants in Saint-Georges,
Laurier-Station and
Val-des-Sources, Quebec;
Penticton, British Columbia; and
Oran, Missouri. Much more than a
manufacturer, Manac offers its customers a growing network of sales
and service centers and supports its customers throughout the
product life cycle with financing services as well as maintenance
and repair programs.
About Desjardins
Desjardins Group is the largest cooperative financial group in
North America and the fifth
largest in the world, with assets of $435.8
billion as at March 31, 2024.
It has been named one of Canada's
Best Employers by Forbes magazine and by Mediacorp. To meet the
diverse needs of its members and clients, Desjardins offers a full
range of products and services to individuals and businesses
through its extensive distribution network, its online platforms,
and its subsidiaries across Canada. Ranked among the world's strongest
banks according to The Banker magazine, Desjardins has one of the
highest capital ratios and one of the highest credit ratings in the
industry.
À propos de BDC
As Canada's bank for
entrepreneurs, BDC is a partner of choice for all entrepreneurs
looking to access the financing and advice they need to build their
businesses and tackle the big challenges of our time. Our
investment arm, BDC Capital, offers a wide range of risk
capital solutions to help grow the country's most innovative firms.
We are one of Canada's Top
100 Employers and Canada's
Best Diversity Employers. BDC was the first financial institution
in Canada to receive the B
Corp certification in 2013 and it is the B
Corp movement's national partner in Canada. For more information on BDC's products
and services and to consult free tools, templates and articles,
visit bdc.ca or join BDC on social media.
SOURCE Manac Inc.