Norea Capital acquires stake in Stekar

Norea Capital acquires stake in Stekar
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Norea Capital

Date: 22 May 2024

Norea Capital becomes a shareholder of Stekar, a Quebec-based leader in architectural systems made of glass, aluminium, or mixed materials for building facades.

“More than thirty years after it was founded by Raynald Doyon and his wife Sylvie Poulin, Stekar has reached an important milestone with the introduction of Norea Capital and David Drouin, Business Development manager, into the company’s share capital. This investment of nearly $10 M by Norea Capital will enable us to pursue our growth in Canada and break into the New England market, particularly with our distinctive MultifaçadesTM product, which meets both Canadian and American energy efficiency requirements.”

It was in these terms that Antoine Auger, Stekar’s CEO and shareholder, hailed the “high value-added” partnership with Norea Capital, new private equity shareholder of the company and will support us in setting up a board of directors with a majority of external members and implement our strategic initiatives”.

“At Stekar, we are urban shapers” – Raynald Doyon, founder

“We are shapers of urban heritage, with a passion for a job well done and customer satisfaction,” says Raynald Doyon, who remains a shareholder, strategic advisor and director. Our succession plan has been meticulously planned since 2011, with the hiring of Antoine Auger as president of Vitralum Pro Installation, our subsidiary, and then as manager of Stekar starting in 2017. I am fully confident that Stekar is poised to reach new heights under Antoine’s leadership.”

Nearly 1,000 projects completed in Quebec, Ontario and the Maritimes

Thanks to its turnkey offering, from design to installation of architectural systems for building facades made of glass, aluminum or mixed materials, the company has completed nearly 1,000 projects since 1993, many of them large-scale throughout Quebec, Ontario and the Maritimes. Stekar operates in the industrial, institutional and government sectors, in conjunction with a number of renowned general contractors. The company sees significant development potential in the Northeastern United States, with a US$137 billion market and an appetite for energy-efficient architectural systems.

A favorable environment for Stekar’s growth in Canada

Stekar’s innovative MultifacadesTM, a patented high-end solution with great aesthetic value, the ambitious management team and commitments to energy efficiency convinced us to hold a significant share of the company’s capital stock as a minority shareholder,” said Luc Ménard, President and Managing Partner of Norea Capital. Stekar enjoys a favorable environment for growth in Canada, with significant subsidies and reduced financing rates for the construction of energy-efficient “green” buildings. Indeed, Canada is committed to reducing greenhouse gas emissions from construction by 45% by 2030.

Stekar at a glance

  • An order book worth $40 million
  • 125 employees
  • Three largest projects to date: Louis-Philippe-Paré high school in Châteauguay ($19.2 million, in progress), Espace Montmorency in Laval ($8.6 million) and Solar Uniquartier in Brossard ($9.4 million).
  • Recent projects include the Fasken building in Quebec City, the Miscéo 2 building in Lévis, the Courtyard Marriott Lebourgneuf in Quebec City, Condominiums Maryrobert, the LG2 head office in Montreal as well as the Solar Uniquartier and Courtyard Mariott in Brossard.

About Stekar

Founded in 1993 by Raynald Doyon and his wife Sylvie Poulin, Stekar designs, manufactures and installs architectural systems for industrial, commercial and multi-residential building facades made of glass, aluminium or mixed materials. With some 125 employees working in Beauceville, Lévis and on construction sites, the company takes its name from the co-founders’ daughters, Stephanie and Karine. Stekar stands out for its ability to simplify its customers’ lives by taking complete charge of projects, from glass facades to cladding of all materials, from design to installation. The Multifaçades pressure-equalized or ventilated rainscreen system and the system’s integrated windows combine watertightness, superior energy efficiency and acoustic control. Thanks to its light weight, this solution facilitates the renovation of older buildings, while offering the architect considerable flexibility in terms of design. For more information, please visit www.stekar.com/en.

About Norea Capital

With over $550 million in assets under management, Norea Capital is an independent private equity manager and works with Canadian mid‑market businesses. As a strategic partner respecting ESG issues, it supports privately held SMEs in their growth plans, mergers and acquisitions, and business transfers, as well as in implementing governance structures with significant added value. Most notably, Norea Capital partners with major entrepreneurial families of Québec that operate in Canada and around the world and are willing to share their substantial expertise for the benefit of local entrepreneurs. To learn more, visit https://noreacapital.ca/en

600450 Norea Capital acquires stake in Stekar glassonweb.com

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