La Caisse invests $150 million in Innovair Solutions, a leader in heating, ventilation and air conditioning

Innovair Solutions, a leading manufacturer and distributor of heating, ventilation and air conditioning (HVAC) solutions, has achieved an important milestone with a $150‑million investment by La Caisse in the company. This transaction will support this third-generation, family-owned company’s North American strategy for growth through acquisitions, while preserving its Québec roots and ownership.

The investment is part of the transformation initiated by Innovair Solutions in recent years, notably its strategic merger with Groupe Stelpro, a Québec-based manufacturer of heating solutions, that was completed two years ago. Based on the complementarity of their expertise and distribution networks, this alliance has strengthened Innovair Solutions’ market position. La Caisse’s investment builds on the leadership and ambitious vision of the Beaulieu family, which remains the controlling shareholder, to realize the full potential of the merger and deploy Innovair Solutions’ growth strategy in Canada, the United States and globally. In addition to La Caisse’s investment, the Fonds de solidarité FTQ has also provided $80 million in financing, which aligns with its commitment to support the development of local companies.

Today, Innovair Solutions is a leader in thermal comfort across the continent, supported by a network of 600 distributors and a strong retail presence in major home renovation stores. Its product offering includes a comprehensive portfolio covering electric heating, heat pumps, heating cables, ventilation and thermostats. Among its flagship brands are Ouellet and Stelpro, which are well known to Québec consumers. Innovair Solutions has nearly 1,300 employees across 17 locations in Canada, the United States, Mexico and China.

“Over its 60-year history, Innovair Solutions has established itself as a leading Québec player in the heating, ventilation and air conditioning sector, driven by the leadership of its founding shareholders. Alongside the Beaulieu family, La Caisse intends to play an active role, beyond providing capital, to support the company’s long-term growth, particularly in executing its acquisition strategy,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.

“La Caisse’s support gives us the momentum needed to accelerate our growth and solidify a sustainable financial structure. This is a strategic Québec-based partner that allows us to continue building here, at home, for the long term,” said Louis Beaulieu, CEO of Innovair Solutions.

“Our pride in the progress we’ve made reflects the exceptional work accomplished by our teams. Together, we’re taking a new step toward our ambition: to become a world-class company that is headquartered in Québec. This partnership opens the door to major opportunities and a very promising future for Innovair Solutions,” added Mr Beaulieu.

Desjardins Capital Markets acted as exclusive financial advisor to Innovair Solutions on this transaction.