Novacap acquires interest in Globe Electric Company
by CM Staff
Globe Electric creates light fixtures, design-centric power and charging solutions, patented technologies and a robust connected home portfolio.
MONTREAL — On May 12, Novacap, in partnership with Fonds de solidarité FTQ and Fondaction, announced that it has acquired a majority interest in Globe Electric Company, a Montreal-based company specializing in the design, development, manufacturing, and marketing of innovative consumer lighting and electrical products.
Globe Electric creates light fixtures, design-centric power and charging solutions, patented technologies and a robust connected home portfolio. Globe Electric products are available in over 40,000 retail locations across North America and online across more than 20 e-commerce channels.
Edward Weinstein, the third-generation CEO of Globe Electric, along with the senior management team, will retain substantial ownership in the company and remain in their current roles.
“We are grateful for the enthusiastic support of Novacap and its partners in this transformative transaction for our company,” said Weinstein. “Their passion for what they do matches our own. This investment is truly growth capital, allowing us to continue what we have done best for 90 years: perpetually innovating; remaining customer-obsessed; taking care of our employees and suppliers; while expanding into new distribution channels and geographies. We will now be able to do so at greater scale.”
“The Novacap team understands well how we have balanced our local heritage and cultural identity with our global ambitions,” continued Weinstein. “They are well positioned to support us in the next phase of our development.”
“Globe Electric is a great Canadian success story, and we are thrilled to be a part of its next chapter,” said Michel Côté, Senior Partner, Novacap. “Novacap has always been a champion of ambitious owner-entrepreneurs in Quebec, and Globe Electric has embodied that spirit for almost a century.”
“Our partnership not only provides capital, but also our extensive experience in building world-class companies, helping entrepreneurs like Eddie achieve their expansion goals,” said Jamie Cartwright, Principal at Novacap, Toronto. “We are very excited to lead this investment alongside Fonds de solidarité FTQ and Fondaction.”