Date Closed

July 3, 2024

Lead Office

Québec City

On July 9, 2024, BDC Capital ("BDC") and Investissement Québec ("IQ") announced an investment in Innotex Inc. ("Innotex") alongside Clearspring Capital Partners ("Clearspring") and BMO Capital Partners. BDC made their investment through BDC Growth Equity Partners.

BDC, headquartered in Montréal, Québec, is a Crown corporation and national development bank wholly owned by the Government of Canada. BDC Growth Equity Partners, managed by BDC Capital, focuses on providing minority equity investments to mid-market businesses across Canada.

IQ's mission is to promote the growth of investment in Québec, thereby contributing to economic development and job creation in all regions. It provides businesses with a full range of financial solutions including loans, loan guarantees and equity investments to support them at all stages of their development.

Innotex, headquartered in Richmond, Québec, is a Canadian leader in the production of fire-protective suits, protective hoods, and gloves.

Clearspring, based in Toronto, Ontario, is a leading Canadian private equity firm that invests in and acquires medium-sized companies.

McCarthy Tétrault advised BDC and IQ with a team led by Mathieu Laflamme that included Alexandre Saulnier-Marceau, Stéphanie C. Blouin, Joseph Gagnon, Yassine Khadir (Private Equity), Emmanuelle Poupart (Insurance), Fred Purkey (Tax), Julien Leblanc (Tax), and Cindy Vaillancourt (Environment).