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Distech Controls continues its development by welcoming new investors and plans to create new jobs in the Quebec green technology sector
Canadian company to pursue its dynamic growth strategy
Brossard, QC, March 21, 2013 – Distech Controls, an innovation leader in energy management solutions based in Quebec, Canada, announced total investments of $38-million (CAD) in the company, to be approved by regulatory authorities. The investment will expand Distech Controls’ capital base and the proceeds of this financing will be used to accelerate the company’s growth plan and development roadmap worldwide, including acquisitions.
The new investors include the Caisse de dépôt et placement du Québec (CDPQ), Export Development Canada (EDC), EnerTech Capital, Fonds de solidarité FTQ, W2 Investments and a strategic partner. They join Distech Controls’ existing group of investors and founder, President and CEO of Distech Controls Inc, Étienne Veilleux, in forming a majority Canadian ownership.
“As a company in the energy management solutions and green technology space, we feel that it is critical to bring together the right team internally as well as the right financial partners to help us best serve the needs of our customers and partners. We have definitely accomplished this goal, bringing together both the capital required to fuel our growth strategies as well as a fantastic group of investors that support mission-driven companies” said Étienne Veilleux, President and CEO of Distech Controls Inc. “This positions us to accelerate our development globally and our continued investment in our unique products and solutions, as well as support our strategic plan, including acquisitions of complementary businesses, to take advantage of significant opportunities for Distech Controls in the marketplace.”
“By investing $8-million equity in Distech Controls, we are participating in the growth of a well-positioned Québec company in the cleantech industry, a sector that bodes well for the future,” said Normand Provost, Executive Vice-President, Private Equity at the Caisse. “The Caisse is supporting the growth of this company, while generating attractive returns for its depositors.”
“Distech Controls is a growing Canadian company in a sector that is inherently global, making them an ideal investment company for EDC”, said Stephen Wilhelm, Lead Investment Manager, Investments, EDC “EDC’s investment extends beyond the capital injection; we will be playing an active role in supporting Distech Controls as they enter new markets, by helping them identify new partnering opportunities through EDC’s international relationships and connections.”
“We have significant domain knowledge in the building automation space and our investment in Distech Controls fits squarely within our strategic investment landscape. The growing focus of building owners on increased energy efficiency through the use of open architecture controls /building automation solutions which Distech Controls provides will continue to fuel significant global revenue growth opportunities for the company. The investment in Distech Controls also demonstrates our continued focus on investments in high quality companies across Canada and our strong access to investment opportunities in leading companies in the Province of Quebec,” said Wally Hunter, Managing Director of EnerTech Capital.
“We are pleased to be part of this round of financing alongside great co-investors. Distech Controls is a truly “made in Québec” success story and we are excited about the company’s strong potential for continued growth.” continued Anne-Marie Bourgeois, Vice President of Investments, EnerTech Capital.
“The Fonds de solidarité FTQ is proud to be associated to an entrepreneur like Étienne Veilleux, and to participate in the repatriation of the control of the company into Canadian hands,” declared Alain Denis, Senior Vice-President, New Economy of Fonds de solidarité FTQ. “This transaction will allow the creation of green technology jobs in Quebec. This $ 14.3 M investment meets the Fonds’ sustainable development objectives in that economic, environmental and social concerns are addressed.”
ABOUT DISTECH CONTROLS
An innovation leader in energy management solutions, Distech Controls provides unique building management technologies and services that optimize energy efficiency and comfort in buildings, all the while reducing operating costs. We deliver innovative solutions for greener buildings through our passion for innovation, quality, customer satisfaction, and sustainability. Distech Controls serves multiple market segments through its worldwide business divisions, service offices and a superior network of Authorized Partners. www.distech-controls.com
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