Lou-Tec makes big move in Ontario
17 October 2023
Canada’s Lou-Tec has acquired Toronto-based aerial lift rental company Torcan Lift Equipment.
The deal, which sees Torcan’s main owners become shareholders of Lou-Tec, will add 70 employees and a fleet of 2,400 machines to Lou-Tec’s business, as well as locations in Toronto and Cambridge in Ontario.
It is the fouth acquisition for Lou-Tec in the past 18 months.
Lou-Tec said the transaction was part of its growth plan, with both companies able to accelerate their long-term expansion and access more equipment and capital.
“We are delighted to welcome the Torcan Lift Equipment team to the Lou-Tec family”, said Jean-Marc Dallaire, president and CEO of Lou-Tec.
“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.”
Both companies will continue to operate as usual, retaining their respective names and brands. The main shareholders of Torcan become shareholders of Lou-Tec, and Joe Picao, Torcan’s president, retains his position.
Torcan’s current management and employees will also retain their roles and ensure uninterrupted service.
Picao said; “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.”
Lou-Tec is supported by its financial partners Sagard Private Equity Canada, Walter Capital Partners, Investissement Québec, BDC Capital and the Fonds de solidarité FTQ.
Lou-Tec and Torcan said they were looking for opportunities to help them become “major players in the equipment rental industry across the country.”