Miralis: an inspiring investment in local entrepreneurship
Miralis, a Rimouski-based manufacturer of refined high-quality kitchens, is poised for expansion and increased innovation thanks to a major investment from the Bas-Saint-Laurent's Fonds régionaux de solidarité FTQ. The investment is the largest in the regional fund's history, with a value of nearly 20% of the company's shares.
Founded more than 45 years ago, Miralis is a true Quebec flagship. "We are the only company in the province that designs and manufactures completely custom kitchens distributed across both Quebec and Ontario," explains Daniel Drapeau, president of Miralis. The company also has sales outlets in Ontario and the United States, to share its expertise further afield and to showcase the quality work of Québec’s designers and craftspeople. "Miralis is one of the largest employers in the Bas-Saint-Laurent. The company is a real source of pride for the region," adds David Lord, vice-president of the Fonds régional de solidarité FTQ in the Bas-Saint-Laurent/Gaspésie/Madeleine Islands.
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*Audio interview in French only, but English subtitles available. (Activate the captions (c) in the options at the bottom of your YouTube screen)
Visit Miralis facilities in photo
Automation serving growth
Miralis is now moving on to the next level, with the construction of their second state-of-the-art cabinetry and integrated furniture plant in North America. This is slated to be one of the most modern plants in its industry, giving added weight to Miralis’ position as a leader in their sector. A third factory will also be opened in the Quebec City region, to manufacture counters. This will allow Miralis to offer its clients a full product line, and to be one of the only Quebec manufacturers to do so. This large-scale project, worth nearly $45 million, is made possible thanks to Miralis’ bold innovation and the contribution of a number of financial partners: the Business Development Bank of Canada, Economic Development Canada, Investissement Québec, and the Fonds régionaux de solidarité FTQ development capital fund.
By focusing on innovation, Miralis has managed to stand out from among its competitors, in terms of both products and processes. Miralis is betting on automation and robotization in its factories to accelerate the company’s growth. "This is going to let us seriously increase our production capacity. to increase our production capacity," explains Daniel Drapeau. The Fonds intends to support Miralis in this project through its patient capital fund, which offers multiple possibilities for growth. Increased automation will also attract skilled labour, which further contributes to economic vitality in the region.
"Our investment will give Miralis momentum and have a direct impact on our regional economy. Their vision and their way of modernizing industry impressed us from day one. Miralis’ innovative facilities and workers will generate added value in the industry. Let’s hope it is going to inspire other companies to follow suit in all four corners of Québec!" – David Lord, Regional Vice President of Fonds régionaux de solidarité FTQ – Bas-SaintLaurent/Gaspésie/Îles-de-la-Madeleine
A thriving manufacturing sector
Beyond the benefit to Miralis itself, this investment will have positive impacts on Quebec's manufacturing sector as a whole. The project allows numerous jobs to be consolidated in the Bas-Saint-Laurent region, and it also allows for many professionals to be trained on state-of-the-art machines. Moreover, it serves as a great opportunity for Miralis to showcase the Bas-Saint-Laurent region, and to show how a local Quebec manufacturer can become an industry leader with worldwide renown. "Miralis is a great example and an inspiration for other entrepreneurs, no matter the region they're based in," adds the Fonds' David Lord.
This new partnership between Miralis and the Fonds is based on common values like innovation, sustainable choices, and the longevity of the manufacturing sector, and is the result of mutual respect and a close relationship that began in 2016. As a shareholder, the Fonds will provide Miralis with all the support necessary for its business success.
"The Fonds régionaux de solidarité FTQ understands the reality of entrepreneurs in the region, because the Fonds is based here, as well. We at Miralis could not be more proud to be a regional company that’s out there playing in the big leagues," said Daniel Drapeau.
Through their partnership with Miralis, the Fonds will not only help accelerate the planned expansion of a leading manufacturer in the Bas-Saint-Laurent region; they will also further their mission to support the growth and sustainability of local businesses. That's what we call the Fonds' double impact.
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