May 9, 2016
Canam Group Inc announced the purchase of a 70% interest in TecFab Internationl Inc., a structural steel fabricator located in Shawinigan, in the Mauricie region of Quebec. The amount of the transaction was not disclosed.
TecFab International, which was founded in 1997, specializes in the fabrication of heavy and complex steel structures, mechanically-welded parts, industrial vents and ducts, industrial equipment and the fabrication of various parts based on customer plans and specifications. During the last years, the company has worked on several projects with Canam Group as a subcontractor.
With a production capacity of 7,500 tons per year, TecFab employs 80 people at its 72,000 sq. ft. (6,690m2) plant. MM. Michel Savard and Nicolas Massicotte, senior managers of the company until last week’s transaction, will remain employed by TecFab. Mr. Massicotte will serve as general manager.
While remaining an independent company that will continue its own activities, TecFab will become a regular subcontractor of Canam Group, more specifically for the Canam-Bridges division for which it is currently working on a few projects.
Mr. Robert Dutil, Senior Vice President of Canam-Bridges, believes that the opportunity to acquire an interest in TecFab is timely. This association will allow Canam Group to strengthen a business relationship of over ten years and benefit from the expertise and production capacity of TecFab. “The founder, Mr. Michel Savard, wanted to welcome new partners to ensure the growth and sustainability of his business, he explained. With partnerships like this, our participation in ever larger and more complex projects is increasing our production capacity, said Mr. Dutil. We like doing business with people who have a sense of entrepreneurship, such is the case with the TecFab team.”
For his part, Mr. Savard is pleased with the arrival of Canam Group as the main partner of the company he founded: “We adhere to the same values as Canam Group and our workers are committed to fabricating first quality products and doing things right the first time. In addition to providing jobs to our people, our partnership with Canam Group will give us the opportunity to participate in larger projects and bring about very exciting challenges.”