Three natural stone producers are joining forces
CITY OF QUÉBEC, Sept. 16, 2016 /PRNewswire/ - Polycor inc., a Quebec-based natural stone producer, is announcing the acquisition of Swenson Granite and Rock of Ages, two of the top players in the granite and memorial monument industry. The merging of these three large companies makes them the biggest marble and granite production group in North America and one of the biggest worldwide. The headquarters of the business will remain in Canada, specifically in the City of Québec.
These acquisitions will spotlight Polycor's expertise in new North American and international markets. "Swenson Granite and Rock of Ages are brands known for the superior quality of their products in the markets where they have a presence. We wish to maintain their brand identity and image. They enjoy an enviable reputation, which will secure immediate growth for us," explains Patrick Perus, CEO of Polycor. Polycor's management is also aiming to acquire better knowledge of the customer base in these markets and strengthen their expertise in working natural stone quarries.
More than 800 employees will now work in Polycor's numerous divisions. "Our intent is to create more jobs in the communities involved. We're thrilled to welcome 400 new members into Polycor's big family and we're confident they will integrate seamlessly, as the three groups are complementary to each other and share similar fundamental values," adds Mr. Perus.
TorQuest Partners and its co-investors, in conjunction with PNC Mezzanine Capital, are partnering with key members of Polycor, Swenson Granite and Rock of Ages management teams to capitalize the combined company. Though the transaction amount remains confidential, Polycor's management estimates that by the end of this acquisition, revenues will exceed $150 million (USD) per year.
Polycor numbers in Canada and in the United States
- 800 employees
- 30 quarries
- 12 factories
- 7 stores
- 6 offices
Founded in 1987 in the City of Québec, Polycor distributes natural stone products across North America. The company transforms granite, marble and limestone into slabs, tiles, mosaics and landscaping items. Now employing over 800 people, it has 30 quarries and 12 factories in Canada and the United States. For more information, go to: www.polycor.com.
Founded in 2002, TorQuest Partners, is a Canadian-based manager of private equity funds. With more than $2 billion (CAD) of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
About PNC Mezzanine Capital
PNC Mezzanine Capital, located in Pittsburgh, Pennsylvania, has been providing financial support to companies since 1989, helping them achieve their strategic objectives. They provide subordinated debt as well as junior capital. They are renowned for their flexibility and their confidence in growing businesses.