Business transfer | Behind the scenes of a successful recovery

Yan Corriveau and his partner signed the contract for the purchase of Ferrotech, a machining firm, on November 17. Since then, they have developed a growth plan aimed at making one or two acquisitions per year within three or four years. A plan that delights and reassures employees.




This is a big turnaround, because four years ago, uncertainty hit the Coaticook company specializing in metallurgical services, ranging from machining to foundry to surface treatment.

The current owner died suddenly, leaving the company founded in 1986 without a manager. The family took over the reins for a while, but as the family’s children all already had careers, a buyer had to be found. And quick.

It was through the Quebec Business Transfer Center (CTEQ) that the old and new owners found each other.

“Me and my partner, Jean-Simon Bhérant, began the process with them in May 2023, and six months later, the buyout agreement was concluded,” says Yan Corriveau, co-owner of Ferrotech. He has also been a member of the CTEQ for several years. It was thanks to them that he found his previous company, an energy management company bought in 2019.

PHOTO MAXIME PICARD, LA TRIBUNE

Ferrotech has $8 million in revenue and 30 employees.

“That one had $2 million in sales and 8 employees. Ferrotech, by comparison, has a turnover of 8 million and 30 employees, says Yan Corriveau. It’s a bigger challenge. »

Why, then, buy Ferrotech?

The businessman was keen to return to heavy industry, which he had worked in since leaving university in 2002, before becoming a business owner.

Having dabbled in entrepreneurship in the past, Yan Corriveau knew, however, that this avenue was not the right one for him this time. He launched a microelectronics company in 2015, but the start-up got bogged down for financing reasons. The entrepreneur was looking for a less risky option.

I’ve seen both sides of the coin: starting a business and taking over an existing one. And starting your own business is much riskier. So I chose entrepreneurship.

Yan Corriveau, co-owner of Ferrotech

Staff reassured

The new owners of Ferrotech chose the company in particular because the markets in which it is active, such as that of parts for the electrical energy transport industries, are growing. They are now working to develop a development plan which will involve a number of acquisitions in the coming years. A plan that delights Dick Fortin, technical director of the company.

PHOTO MAXIME PICARD, LA TRIBUNE

Employed at Ferrotech since 2005, technical director Dick Fortin is enthusiastic about seeing the company embark on new projects.

“At the time, when I heard that the company was being sold, I certainly had questions,” he confides. When we met the new owners, however, and they told us about their vision, everyone was happy to know that the jobs were going to stay here. »

Employed at Ferrotech since 2005, Dick Fortin is now enthusiastic about seeing the company embark on new projects.

“We are making a lot of new submissions and we already have several new clients,” he says. It’s certainly stimulating. »


reference: www.lapresse.ca

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