CANADA - Novacap, one of Canada's leading private equity firms and Foliot Furniture, a leader in the design and manufacture of quality furnishings for the hospitality and educational housing sectors, announced their partnership.

Novacap, alongside the current management team and the Fonds de solidarité FTQ, has acquired a majority stake in the Quebec-based furniture manufacturer.

Foliot Furniture's mission is to provide exceptional service to its customers while creating a harmonious environment for employees and the surrounding community. Novacap intends to pursue the company's growth and support the management team in its development opportunities.

“Novacap recognizes Daniel Foliot's success and the passion that drives him, we found in him and his team the same values as ours, says Michel Toutant, Senior Partner - Industries, Novacap. We are convinced that the current management team is world-class and that the combination of their expertise with ours will allow Foliot Furniture to continue its momentum. We are all very excited about working with the Foliot team.”

Daniel Foliot, Founder and President, added, “For nearly 30 years, we have been finding innovative solutions to create unique quality furniture that is as aesthetic as robust and meets our customers’ high standards. We are proud to unite with a partner of Novacap’s caliber to drive our company into its next phase of growth.”

Foliot Furniture is dedicated to providing quality furnishings for the hospitality and educational housing communities. With nearly 30 years of manufacturing experience Foliot has delivered more than one million rooms in hotels, resorts, universities, and colleges throughout North America.

In addition to its 300,000 sq. ft. facility in Las Vegas, Foliot Furniture also maintains a 250,000 sq. ft. facility in St-Jérôme, Quebec, Canada. With two locations, the company has the necessary manpower and technical resources to complete numerous amounts of simultaneous orders, large or small. Foliot Furniture designs, develops and produces its furniture using state-of-the-art computer controlled machinery. With a fully automated production process, Foliot Furniture is able to manufacture every product with extreme precision resulting in perfectly assembled and consistently identical furniture.