Montreal, Aug. 4, 2015
NOVACAP, a Canadian leader in private equity, today announced a partnership with Hallcon Corporation, a leading provider of specialty outsourced services to the railway and transit sectors in North America, based in Toronto. The transaction is carried out through its NOVACAP Industries IV Fund, in partnership with Hallcon’s management team, Export Development Canada (EDC), BMO Capital Partners and other institutional partners. Hallcon’s senior management team will continue in their current roles with the company.
“This new capitalization by NOVACAP and its partners allows us to consolidate our position in the market and move forward with the development of new markets, as we did with the acquisition of Loop Transportation, which was announced last week but was made possible through our discussions with NOVACAP”, said Tony G. Plut, President and CEO of Hallcon.
“We see this transaction as a growth platform and a step forward for Hallcon, said Domenic Mancini, Senior Partner at NOVACAP and new Chairman of Hallcon. This company has a steady growth history, and the whole category still shows a lot of potential for expansion. As we have done numerous times in the past, we intend to invest the necessary resources in order to take Hallcon to the next level.”
Hallcon was owned since 2011 by management and Southfield Capital, a Greenwich, CT based private investment firm focused on lower middle-market businesses.