QUÉBEC and Ontario and MIDDLEBURG HEIGHTS, Ohio, Nov. 3, 2020 /CNW Telbec/ – TorQuest Partners (“TorQuest”) and Caisse de dépôt et placement du Québec (“CDPQ”) today announced a majority investment in Barrette Outdoor Living Inc. (“BOL” or the “Company”), North America’s leading manufacturer of wood-alternative fence and railing products. TorQuest and CDPQ are partnering in this transaction with BOL’s owner, Les Entreprises Barrette Ltée, who will retain a significant minority interest in the Company, and BOL’s management team, led by CEO Jean desAutels. Terms of the transaction were not disclosed.
BOL manufactures and sells vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. The Company’s scale, vertically-integrated operations, and broad portfolio of fence, railing and decking systems have driven a consistent history of distribution channel penetration and market share gains in its core outdoor living repair and remodeling market. BOL has also grown through acquisitions, which have expanded the Company’s geographic reach and built its product portfolio into the most comprehensive in the industry.
Jonathan Fraser, Partner at TorQuest, said: “This investment continues our well-established strategy of building relationships with successful Canadian entrepreneurs to support ownership transitions. BOL has experienced exceptional growth over the past decade due to its unparalleled operational capabilities and its industry-leading customer service levels. We believe the business is well-positioned to capitalize on the attractive industry dynamics in the North American outdoor living sector and we look forward to partnering with the BOL team to drive the business through its next phase of growth.” This is the tenth Fund IV platform investment for TorQuest, which recently closed its fifth fund, TorQuest Partners Fund V, with $1.375 billion of committed capital.
Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Québec and Stewardship Investing, added: ” With this transaction, CDPQ is delighted to support Les Enterprises Barrette, a successful Québec company, with its evolution and development plan. Thanks to its ambitious growth strategy and numerous transformative acquisitions, BOL is now a North American leader in a fast-growing industry. CDPQ’s investment and support will help accelerate the company’s expansion in the coming years, securing its position as a leader.”
CEO Jean desAutels, said, “I am extremely proud of the accomplishments of the BOL team and believe it is the right time, and TorQuest and CDPQ are the right partners, to help build the business from here. BOL has a great foundation and is ready for its next stage of growth.”
Moelis & Company LLC and PricewaterhouseCoopers Corporate Finance Inc. served as financial advisors to BOL on the transaction.
About Barrette Outdoor Living Inc.
Barrette Outdoor Living is the leading North American supplier of exterior home products to the residential market. Barrette Outdoor Living produces vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. Barrette Outdoor Living employs more than 2,000 people at 10 locations throughout the United States. For more information, visit www.barretteoutdoorliving.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than CA$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a CA$925 million fund that closed in June 2016. In March 2020, TorQuest announced the closing of TorQuest Partners Fund V at CA$1.375 billion. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.
About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit www.cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
SOURCE Caisse de dépôt et placement du Québec
For further information: For media inquiries: Sandy Blackwood, Longview Communications Inc., (416) 649-8005, Serge Vallières, Caisse de dépôt et placement du Québec, (514) 847-5493, [email protected]
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
