MONTREAL, July 9, 2024 /CNW/ - Clearspring Capital Partners ("Clearspring") today announced an investment in INNOTEX Inc. ("INNOTEX") alongside founder Louis Carpentier and existing management.

Founded in 1999 and headquartered in Québec, INNOTEX is a leading manufacturer of firefighter protective suits, widely known as turnout gear, as well as multifunctional and lighter-weight rescue gear, protective hoods and gloves. This investment further advances Clearspring's investment strategy in Québec and its expertise in the emergency services and protective apparel industries.

Louis Carpentier, President, will become Executive Chairman. Claude Barbeau, General Manager, and René-Frédéric Roy, VP Finance, will remain with the organization. Louis will continue to be a major shareholder in the company.

"INNOTEX's name comes from our mission: to continuously innovate through textile. Looking back, I am extremely proud of our team's achievements in bringing innovative products to market over the last 25 years. I am excited to have found a partner like Clearspring, who shares our value in quality, innovation, and customer service. We will work together with Clearspring to continue our mission to deliver effective solutions to protect firefighters and first responders," said Louis Carpentier.

"We are excited by the opportunity to support this great Québec company grow to become a North American leader. Investing in INNOTEX's people, products and innovation, will drive the next stage of the company's growth," said John Veitch, Partner at Clearspring. "Clearspring's successful investments in Demers Ambulances and Logistik Unicorp, both market leaders in emergency services and protective apparel, made INNOTEX the perfect fit for our team." He adds that their investment has also been made possible thanks to the support of BDC Growth Equity Partners, Investissement Québec, BMO Capital Partners and other institutional and individual Limited Partners.

Guillaume Felx, Partner, Growth Equity Partners at BDC Capital added "We are very proud to partner with Clearspring and INNOTEX's management team in this next phase of the company's growth. This partnership fits squarely into BDC's broader goal of supporting SMEs in their ambition to become leaders in their field."

BMO Capital Partners' head, Alex Baniczky, commented "We are proud to continue our partnership with Clearspring and support great Canadian companies such as INNOTEX." 

About Clearspring Capital Partners

Clearspring Capital Partners is a leading Canadian private equity firm that invests in and acquires medium-sized companies through buyouts, growth and acquisition financings, going private transactions, industry consolidations, recapitalizations and other types of transactions. Since 2015, Clearspring's equity investments in Québec companies have totaled more than $200 million, driving significant growth in revenue, earnings and employees at these companies. The Clearspring team works closely with the management teams of its portfolio companies from its Montreal and Toronto offices to ensure value creation and the execution of their growth plans. Recent Québec investments in Demers Ambulances, Telecon, Regal Confections, Voyages Traditours, and Tecnic Group Canada have followed a consistent strategy of supporting successful Québec companies in making significant investments in Canada and abroad to conquer new markets organically or via acquisition. For more information, visit www.cscap.ca

About INNOTEX Inc.

Established in 1999, INNOTEX specializes in designing, developing, manufacturing, and distributing fire-protective turnout gear, multifunctional and lighter-weight rescue gear, and protective hoods and gloves. The Company is headquartered in Québec and operates in Canada and the United States. INNOTEX has three production facilities in Québec (Montreal, Richmond, Warwick) and one facility in the U.S. (Ohatchee, AL). To learn more about INNOTEX, visit https://innotexprotection.com

About BDC Capital

BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs serving as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage, Visit https://www.bdc.ca/en/bdc-capital 

About BMO Capital Partners

Established in 1998, BMO Capital Partners is a Canadian-based investor with C$1.6 billion under management. Its evergreen investment program is built upon minority/non-control equity co-investments and subordinated debt as well as venture, growth and private equity funds. The fund invests across a broad range of industries to support companies in all stages of growth, with acquisitions, buyouts, expansions, restructurings and growth capital.

SOURCE Clearspring Capital Partners