Fonds régionaux de solidarité FTQ Mauricie – Centre-du-Québec – Estrie Invest $29.5 Million in the Region

Victoriaville and Nicolet, May 24, mai 2024

In fiscal 2023-2024, the Fonds régionaux de solidarité FTQ – Mauricie – Centre-du-Québec - Estrie (FRS) invested $29.5 million in the region, supporting 15 companies. Of this amount, $16.3 million supported the business transfers of seven regional companies, including Plomberie PHCB and Jean Caron et Fils.

Investment in Plomberie PHCB

Solidly established in the Centre-du-Québec region since 1993, Plomberie PHCB is recognized for its expertise in construction, residential renovation and multi-unit housing projects. The company offers its customers turnkey plumbing and HVAC services, and is present in several cities, including Drummondville, Victoriaville, Warwick and Thetford Mines.

The FRS supported the company's ownership transfer to its operations manager, David Paul, and to its store sales manager, Josée Amnotte, both minority shareholders since 2018. Its former president, Denis Gélinas, will stay on to ensure a smooth transition.

"Thanks to the FRS, I've been able to realize my dream of running the company. I'm thrilled that Denis trusts me to take over, and I'm already planning the company's future projects," said David Paul, the new president of Plomberie PHCB.

Investment in Jean Caron et Fils

Founded in 1962 by Jean Caron and his wife Aline, the Nicolet-based company started with just one employee. In 1986, the founders' son, Paul Caron, joined the company with plans to take the reins down the road. Today, the company employs between 15 and 25 people, depending on the time of year. Always keen to acquire the best equipment to support their methods and processes, they acquired a new garage in 2008 and expanded their head office in 2010. In anticipation of their exit, the family offered one of their foremen, Patrick Veilleux, and one of their project managers, Nicolas Farley-Nourry, a partnership stake in 2020.

"We are honoured by Paul's trusting us to take the reins of this company, to which he has devoted himself for almost 40 years. None of this would have been possible without the guidance and support of the FRS, who helped us better understand the ins and outs of business transfers," said Patrick Veilleux and Nicolas Farley-Nourry, the new owners of Jean Caron et Fils.

"When established regional companies with enviable know-how and expertise look to pass the mantle, we have to be there for them and support them. This is how we keep companies like Plomberie PHCB and Jean Caron et Fils here at home," said Charles Lahaye, Regional Vice-President of the Fonds régionaux de solidarité FTQ – Mauricie – Centre-du-Québec – Estrie.

$221 million for the FRS network

In this last fiscal year, the 17-member FRS network invested more than $98 million, or nearly half of the total invested, to support SME business transfers. The financing and guidance offered by the FRS have helped keep the head offices of 57 small and mid-size businesses in Québec.

Support for business transfers contributed to a record year for the network, which invested $221.3 million in 128 companies. This is the seventh consecutive year in which the network has set a record.

"To have a strong local economy, our SMEs must remain in the hands of Quebecers who live in the region. That's why we prioritize business transfers, as evidenced by the amounts invested. This is the second year in a row that almost half of our network's investments have been dedicated to business succession," said Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.

About the Fonds régionaux de solidarité FTQ 

A part of the Fonds de solidarité FTQ network, the Fonds régionaux de solidarité FTQ help further regional economic development in Québec by channelling the savings of more than 769,000 Quebecers into local investments. The Fonds régionaux have invested $1.8 billion in more than 1,800 companies since their inception in 1996.

With 17 offices across Québec, the Fonds régionaux de solidarité FTQ offer small and mid-sized enterprises customized loan and equity solutions. Each product is developed based on the company's characteristics and the region's economic reality. Requiring no corporate or personal guarantee, FRS loans do not entail any legal or management fees and are intended to complement the financing offered by traditional financial institutions.

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