Lou-Tec, Terrebonne, Quebec, Canada, a rental provider of tools, heavy machinery and specialized equipment, has entered into a partnership with Torcan Lift Equipment, Toronto.
The companies said their combined resources will enable each to gain access to more equipment, service locations and capital, thereby multiplying opportunities to pursue their long-term growth plans.
Torcan Lift Equipment has a team of more than 70 employees and a fleet of more than 2,400 pieces of elevation equipment. The company offers its customers rental, sales and maintenance services for lifting equipment, as well as parts and training.
“We are delighted to welcome the Torcan Lift Equipment team to the Lou-Tec family. This transaction is in line with Lou-Tec’s development plan, as it will enable Lou-Tec to establish a significant presence in Ontario and expand our existing business activities in that province,” said Jean-Marc Dallaire, president and CEO, Lou-Tec.
Lou-Tec and Torcan Lift Equipment said their companies will continue to operate as usual, retaining their respective names and brand images. The head offices of both companies will remain in their current locations. The companies also said the transaction is being carried out with the full support of Torcan Lift Equipment’s current management and employees, who will retain their roles and ensure uninterrupted service. The principal shareholders of Torcan Lift Equipment become shareholders of Lou-Tec. Joe Picao, president of Torcan Lift Equipment, remains in his position.
“This is a great opportunity to develop a strong relationship with the Lou-Tec team. Together, we’ll be able to offer an impressive fleet of equipment, cover a larger territory and respond effectively to the growing needs on construction sites,” Picao said.
Lou-Tec and Torcan Lift Equipment said they can count on the support of their financial partners, Sagard Private Equity Canada, Walter Capital Partners, Investissement Québec, BDC Capital and the Fonds de solidarité FTQ, to support their growth and development projects, particularly in terms of technology and expansion into new territories. Lou-Tec and Torcan Lift Equipment also said they remain on the lookout for opportunities to realize their vision of becoming major players in the equipment rental industry across the country.