Polycor Changes Ownership
QUÉBEC CITY – Global natural-stone processor Polycor came under new ownership late last month under two equity firms.
Birch Hill Equity Partners and Investissement Québec acquired Polycor Inc. in partnership with the company’s management on April 29 from TorQuest Partners and its co-investors, Wynnchurch Capital and PNC Mezzanine Capital. No terms of the deal were disclosed.
The transaction will support the continued growth of Polycor in Québec and across its global operations. The acquisition recognizes Polycor’s heritage and presence in Québec, where the global head office will remain.
“Partnering with Birch Hill and Investissement Québec is an exciting moment for our employees, customers and partners,” said Patrick Perus, CEO of Polycor Inc. “Both Birch Hill and Investissement Québec are firmly committed to supporting Polycor’s continued growth and success here in Québec and across the markets we serve. They share our commitment to prioritizing and fostering sustainability, innovation, and environmental stewardship.”
Investment firms TorQuest, Wynnchuch and PNC Mezzanine combined to provide the funding for Polycor’s acquisition of Swenson Granite and Rock of Ages in September 2016.
“We would like to thank TorQuest, Wynnchurch and PNC Mezzanine for our strong partnership over the last several years and their many contributions to our growth and evolution as a company,” added Perus.
Birch Hill is a Toronto-based mid-market private equity firm with more than $5 billion in capital under management. Since 1994, it’s made 68 investments; today, Birch Hill’s 16 partner companies represent more than $8 billion in total revenue and more than 32,000 employees.
Investissement Québec is a holding company owned by the province of Québec that acts as a financial institution and an economic-development agency. It supports creation and growth of businesses of all sizes in Québec with investments and customized financial solutions, along with providing consulting services and other assistance.
Polycor is the first natural stone quarrier to make a firm commitment to carbon neutrality, and among the first in the manufacturing industry to take a leadership role on the essential work of decarbonization.
The world’s largest natural-stone quarrier, Polycor has a history of embracing environmental challenges, from its use of closed- system rainwater to owning 30% of all “Natural Stone Sustainability Standard” certified sites. While natural stone is already inherently sustainable and a zero-VOC material, Polycor remains committed to flattening the curve on carbon emissions.
Founded in Québec City in 1987, Polycor now employs nearly 1,300 people and owns over 50 quarries and 20 manufacturing plants across North America and Europe. For more information, visit www.polycor.com.
