Novacap enters into a definitive agreement for the sale of Mailhot Industries

Novacap, a leading North American private equity firm, today announced the entering into of a definitive agreement for the sale of Maillot Industries Inc. (“Mailhot Industries” or “the Company”), a North American manufacturer of high-performance hydraulics cylinder, to Wipro Infrastructure Engineering, a global diversified industrial engineering business and division of Wipro Enterprises Pvt. Ltd. 

Mailhot Industries’ management team first partnered with Novacap in 2018 to support the deployment of an ambitious growth strategy and implementation of a manufacturing 4.0 plan. The Company subsequently completed the acquisition of Jarp Industries, broadening its capabilities and establishing a stronger presence in the United States. By integrating digital technologies and automation into its manufacturing process, the Company further consolidated its position and differentiated offering through innovation, quality and durability across various applications and industries including utilities, construction, mining, defense, refuse and oil & gas.  

“It has been an honor to be part of this incredible growth journey with the entire management team and to support their efforts of building a North American leader in its field. Today, Mailhot Industries is renowned globally for the reliability of its products in difficult environments, dedication to technology and impeccable after-sale service. Wipro is the perfect partner to bolster Mailhot’s next phase of growth as it seeks to expand its foothold in North America. I look forward to seeing Mailhot continue to flourish under Wipro’s ownership,” said Mr. Michel Toutant, Senior Partner at Novacap. 

“After almost 70 years of fostering a culture of innovation and product development, we are now entering a new growth chapter. By building on our respective strengths and footprint, together with Wipro, we will be better positioned than ever to deliver an even more compelling and differentiated product offering to our customers and offer an engaging work environment for our employees. I would like to thank Novacap for their strong support of Mailhot’s growth ambition and capacity expansion” added Mr. Charles Massicotte, President and CEO of Mailhot Industries. 

The transaction is subject to customary closing conditions, including regulatory approvals.  

About Mailhot Industries  

A North American leader in hydraulic cylinders manufacturing since 1956, Mailhot Industries is known for the reliability of its products. Recognized for the excellence of its products, its innovations and its impeccable after-sales service, Mailhot relies on the expertise of 500 employees to meet the specific needs and requirements of their customers. Over the last few years, Mailhot’s impressive growth has been supported, among other things, by the development of unique and innovative processes that provide increased wear and corrosion resistance to cylinders. Now offered on all Mailhot Series, nitriding ensures performance and durability unparalleled in the industry.  

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About Novacap 

Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York. 

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