Financial partnership between new, existing investors takes root as company prepares for a change in leadership structure this spring
MONTREAL, Quebec — Dining and accent furniture manufacturer Amisco Industries has announced a financial partnership with a group of Quebec-based investors that has obtained an ownership stake in the company.
The company said the investors group is led by Corporation Financiere Champlain of Montreal in partnership with Fondaction. La Presse of Montreal reported that Dejardins Capital and Investissement Quebec, which have been investors since 2018, retain an ownership stake — and continue to reinvest in the company.
Amisco CEO and Chairman Réjean Poitras and two other family members also maintain what the paper described as “a significant minority ownership stake and significant weight on the board.”
Poitras, whose grandfather founded the company in 1954, remains a third-generation leader of the company. However, the paper said that while he will remain on the board, he will turn over his day-to-day management responsibilities to President and Chief Operating Officer Luc Robitaille by the end of May.
The Presse quoted Poitras as saying that as his children are young and with no family succession plan in the near future, there was a need “to ensure the sustainability of the company with long-term shareholders who retain decision-making in Quebec.”
Poitras, the company noted, will retain a role as strategic adviser to Luc and the entire management team, while also remaining on the board. A new independent chairman of the board also will be named.
Amisco produces a line of dining furniture and seating as well as accent furniture made with wood and metal accents. According to The Presse, it employs about 500 people in four Quebec-area factories.
In a statement, the company said that “the strategic partnership marks an important milestone in Amisco’s history, paving the way for expansion and consolidation of its presence in the North American market. The shareholders, all Quebecers, are committed to helping Amisco grow and keeping its decision-making center in Quebec.”
The company told Home News Now that this development does not impact the company’s business with its customers.
“The new group will support the current leadership and their current goals and won’t make any changes,” said Renaud Haince-LeBel, director of marketing and e-commerce.
Poitras said that he is “very enthusiastic about this new partnership with Champlain Financial Corporation and the institutional investors. In addition, the evolution of the management team under Luc’s leadership will certainly bring Amisco’s development to another level.”
The new investors also look forward to the opportunity to work with and help the company on its growth trajectory.
“We have identified Amisco as a leader in its market, and we are very proud to partner with the Poitras family and the existing management team and our institutional partners to build an undisputed leader in the North American market in the niche served by Amisco,” said Andre La Forge, a partner at Corporation Financiere Champlain.