Acquisition - FNX-INNOV is taking over the S.M. Group

MONTREAL, Dec. 14, 2018 /CNW Telbec/ - FNX-INNOV Inc. announced this morning that it had received the Court's approval for the almost complete buyout of the S.M. Group's entities, which had been placed under the protection of the Companies' Creditors Arrangement Act in August. The transaction officially takes effect on December 14, 2018.

Having already obtained the permissions required by the Autorité des marchés financiers to conclude public contracts, all activities and operations will from now be conducted under the FNX-INNOV banner. FNX-INNOV shareholders are Quebecers and through Thornhill Capital, they are using their experience in strategic consolidation to restructure companies that are facing growth and funding challenges.

FNX-INNOV REMAINS A QUEBEC PROPERTY

First and foremost, it's S.M. Employees' enormous talent and expertise that convinced FNX-INNOV shareholders to acquire the engineering consulting firm. Over the past few years, several transactions have been concluded in the engineering sector, often resulting in Quebec's finest companies passing into the hands of Canadian or foreign interests. But this is the most significant transaction in recent years to have allowed a local engineering consulting firm to fully remain a Quebec property.

RICHARD HÉLIE APPOINTED CHIEF EXECUTIVE 

New administrators as well as an all new management team have been enlisted to take advantage of opportunities and rise to the company's challenges. The reins of the company are now in the hands of Richard Hélie, an experienced engineer and manager who has taken over as Chief Executive. "FNX-INNOV has exceptionally talented people who continue to demonstrate a thirst for innovation, and they're supported by a deeply committed team. We have the firm intention of bringing about change by instituting an uncompromising culture of excellence and offering a new integrated service where the chain of accountability will run all the way from project design to completion," he says.

About FNX-INNOV

FNX-INNOV is a Quebec engineering company that relies on the creativity of its specialists to be innovative in achieving large-scale projects by tapping into their know-how from design to completion. The company has 650 employees who offer a range of integrated engineering services to provide global solutions that meet the most complex needs of its clients. The name of the FNX-INNOV company refers to the phoenix, the legendary bird known for its longevity and capacity for rebirth.

About Thornhill Capital

Thornhill Capital is a company of investors/operators with vast experience in strategic corporate consolidation and growth management. Its goal is to stimulate the growth of companies that it acquires by developing robust entrepreneurial platforms. Thornhill's founding partners are François Gaudreau and Pierre-Yves Méthot. Along with their team, they offer a pool of varied expertise and extensive experience in financing, corporate strategy and growth management.

SOURCE FNX-INNOV