Subject: TNM
Novacap Acquires Interest in FortNine
MONTREAL, Aug. 6, 2020 /PRNewswire/ - Novacap, one of Canada's leading private equity firms, announced today that it has acquired an interest in FortNine (fortnine.ca), a leading e-commerce platform for motorcycle, dirt bike, ATV, snowmobile and other powersports gear, accessories and parts ("FortNine").
Headquartered in Montreal, QC, FortNine was built from the ground up to cater to powersports enthusiasts and provide Canadian riders with the gear they need. FortNine has thrived disrupting the market via innovation to give the riders community an excellent customer experience through their knowledgeable and experienced team.
"We're thrilled to partner with such great entrepreneurs. Amin and Karim Sawaf founded FortNine while in university. They led the company through exponential growth, built a great management team, and Novacap recognizes the success and passion that drives them. FortNine is the second investment from Novacap Industries V fund since its closing in November 2019," said Jacques Foisy, Chairman of the Board and Managing Partner of Novacap.
"We found in the Sawaf brothers the same values as ours. As a rider myself, I know firsthand how great FortNine is and we are convinced that the combination of their e-commerce expertise with our focus on operational excellence will drive FortNine to its next phase of growth. We are all very excited about working with the FortNine team," added Antoine Casimir, Principal at Novacap.
"For more than 10 years, we have been developing strategies for FortNine, and worked directly with technology and business intelligence teams to allow us to deliver on our mission of great customer service. We are proud to unite with a partner of Novacap's calibre to drive FortNine into its next stage of expansion," said Karim Sawaf, Co-Founder and Vice President of FortNine.
PJ SOLOMON acted as exclusive financial advisor to FortNine and Davies Ward Phillips & Vineberg LLP acted as legal advisors.
Gowlings WLG (Canada) LLP acted as legal advisors for Novacap.
About FortNine
FortNine provides Canadian riders with the gear they need.
FortNine is a leading online store providing Canadian riders with an extensive selection of Motorcycle Helmets, Rider Apparel, Tires, Parts, Dirt Bike Gear, Snowmobile Clothing and ATV Accessories. FortNine focuses on providing excellent customer service with their knowledgeable and experienced staff and by keeping a very large selection of products in stock which allows it to ship direct to customers with the least delay.
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap's deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto, Ontario and Brossard, Quebec. For more information, please visit www.novacap.ca.
SOURCE Novacap Management Inc.
These press releases may also interest you
|
News published on and distributed by:
