deals closed by a strategic buyer
51 of 77 transactionsMarket brief · October 2026
Who is buying Quebec companies?
77 transactions announced from January to September 2026 involving a Quebec company: who is buying, where buyers come from and which sectors are moving.
01
Mostly local buyers.
with a private equity or development capital fund
20 of 77 transactionsof buyers are based in Quebec
59 of 77 buyersBuyer type and origin, one bar per transaction
QuebecRest of CanadaForeign
Strategic · 66%51 transactions
38 from Quebec · 6 from the rest of Canada · 7 foreign, mostly American
Private equity · 21%16 transactions
11 Quebec funds · 2 from the rest of Canada · 3 American
Management buyouts · 8%6 transactions
Executives and individual buyers, all from Quebec
Development capital · 5%4 transactions
Fonds FTQ, Fondaction, Desjardins Capital, BDC, La Caisse
Quebec funds lead
11 of the 16 private equity deals were done by local funds: ANGUS Capital (2), Novacap, Champlain, Walter, Sagard, Thrust Capital, BDG, Axium and MontClerc. The three American funds: Platinum Equity (LMPG), GI Partners (Otodata) and Niobrara (MSP Corp).
Foreign buyers are mostly strategic
The seven foreign strategic buyers are mostly American: SPX (Thermolec), HUB International (Botica) and AIR Control Concepts, which bought both Jess HVAC and Aireau Qualité Contrôle.
02
Most active sectors.
Number of transactions, January to September 2026.
03
Serial buyers.
- Richelieu: 5 acquisitions in 2026, specialty hardware and building products.
- Valsoft: 4 software acquisitions, mostly in the United States.
- 2 acquisitions each: ANGUS Capital, Champlain, Groupe Desharnais, Groupe Couture, Englobe, Dissan, MAclinique and AIR Control Concepts.
Acquisitions announced in 2026, all geographies.
Our view
Quebec is still a market of local buyers, but funds now sit at the table in one deal in four. Strategics and funds pay for different things: putting them in competition raises the price.
What it means for an owner
A sale usually takes 6 to 12 months. The deals announced this year started last year. The 2027 sales are being prepared now: clean numbers, a team that runs without you, less dependence on the owner.
04
Six deals that tell the story.
| Month | Company | Sector | Buyer | Type |
|---|---|---|---|---|
| Jan. | Velan (Montréal) | Industrial valves | Birch Hill Equity Partners, 72% for C$204M | Fund |
| March | SAIL (Laval) | Outdoor retail | Three executives, with Fonds FTQ | Buyout |
| May | Groupe Meloche | Aerospace | Novacap, majority; buys Rossi Aéro | Fund |
| July | Boucher Lortie (Québec City) | Plumbing and HVAC | Champlain, Desjardins Capital, Fondaction | Fund |
| Aug. | Jess HVAC (Montréal) | Commercial HVAC | AIR Control Concepts (United States) | Strategic |
| Sept. | Otodata (Montréal) | IoT | GI Partners, majority | Fund |
Method: 77 transactions publicly announced from January to September 2026 involving a Quebec based company (control or significant stake). Excludes venture capital, debt, real estate and deals above C$500M. Sources: press releases, business and trade press, Tribal Capital transaction database. Not exhaustive; percentages rounded.
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Is your sector moving?
The figures come from the transaction database Moses Bendayan maintains. For a confidential conversation about your company, write to him directly.