An Ottawa-based company that supplies generators, heaters and air conditioners to customers across Ontario and Quebec has been sold to a private equity firm in Florida in a bid to crack the U.S. market.
GAL Power, which employs more than 200 people at nine locations at far west as Thunder Bay and as far north as Fermont, Que., said this week it has been acquired by Trivest Partners, a private equity firm based in Miami. Ottawa’s WelchGroup Consulting served as the company’s adviser on the transaction.
Terms of the deal were not disclosed.
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Founded in 1985, GAL Power sells and rents diesel and natural gas-powered generators as well as heating and cooling equipment and also provides maintenance services. Its customers include data centres, hospitals and schools.
Over the years, the company has expanded across Ontario and Quebec through a series of acquisitions, the most recent one occurring in 2014, according to the company’s website.
Trivest Partners says it has completed more than 250 transactions worth in excess of $6 billion since it was founded in 1981. GAL Power said the sale will provide it with the capital it needs to “accelerate its growth, further its expansion into the U.S. and assist in seeking additional acquisition targets” as it looks to grow its market share in North America.
“I am truly looking forward to the next chapter of GAL’s continuing evolution and am very excited at the prospect of building a strong and productive relationship with Trivest,” founder and CEO Guy Lapierre said in a statement.
