Quebec’s Lou-Tec Acquires Ontario High-Reach Rental Specialist Torcan Lift Equipment
(pictured above, from left: Claudio Basso, vice president, Torcan Lift Equipment; Joe Picao, president of Torcan Lift Equipment; Jean-Marc Dallaire, president and CEO, Lou-Tec)
Lou-Tec, Quebec's leading rental company for heavy machinery, tools and specialized equipment, has acquired Torcan Lift Equipment, a company that has made a name for itself in the sales and rental of elevation equipment in Ontario. For 24 years, Torcan Lift Equipment has been supplying its customers with quality elevation and handling equipment in Ontario.
The combined resources of Lou-Tec and Torcan Lift Equipment will further accelerate their long-term growth plans. Both companies will gain access to more equipment and capital, thereby multiplying opportunities to pursue their ambitious growth plans.
Torcan Lift Equipment has enjoyed strong growth in recent years. With a team of more than 70 employees and a fleet of more than 2,400 pieces of aerial equipment, it offers its customers rental, sales and maintenance services for lifting equipment, as well as a full range of parts and training.
"We are delighted to welcome the Torcan Lift Equipment team to the Lou-Tec family,” said Jean-Marc Dallaire, president and CEO of Lou-Tec. "This transaction is in line with Lou-Tec's development plan, as it will enable Lou-Tec to establish a significant presence in Ontario and expand our existing business activities in that province.”
Torcan Lift Equipment is renowned for its commitment to customers and its constant focus on improving service, as well as for the quality of its fleet. The combination of Lou-Tec and Torcan Lift Equipment will give customers of both companies access to a wider range of elevation equipment and a greater number of service locations.
Lou-Tec and Torcan Lift Equipment will continue to operate as usual, retaining their respective names and brand images. The head offices of both companies will remain in their current locations – Lou-Tec in Montreal and Torcan in Toronto.
This transaction is being carried out with the full support of Torcan Lift Equipment's current management and employees, who will retain their roles and ensure uninterrupted service.
The principal shareholders of Torcan Lift Equipment become shareholders of Lou-Tec. Joe Picao, president of Torcan Lift Equipment, remains in his position.
"This is a great opportunity to develop a strong relationship with the Lou-Tec team,” said Picao. “Together, we'll be able to offer an impressive fleet of equipment, cover a larger territory and respond effectively to the growing needs on construction sites."
Financial support
Lou-Tec and Torcan Lift Equipment will count on the support of their financial partners, Sagard Private Equity Canada, Walter Capital Partners, Investissement Québec, BDC Capital's Growth Equity Partners and the Fonds de solidarité FTQ, to support their growth and development projects, particularly in terms of technology and expansion into new territories.
Lou-Tec and Torcan Lift Equipment remain on the lookout for opportunities to realize their vision of becoming major players in the equipment rental industry across Canada.
Lou-Tec, founded in 1979, has 26 corporate locations, including five mechanical shops specialized in elevation equipment, in Quebec and Ontario. Always on the lookout for new trends, the company is constantly investing in new equipment and cutting-edge technologies. Lou-Tec won the "Successful Business Strategy" and "Company of the Year" awards at the 2022 Mercuriades gala. Lou-Tec is No. 22 on the RER 100.
Torcan Lift Equipment has been supplying its customers with aerial and handling equipment in the Greater Toronto Area since 1999. With a fleet of more than 2,400 pieces of equipment, the company has experienced strong growth in recent years. Employing more than 70 people, it offers its customers rental, sales and maintenance services for elevation equipment, as well as a complete range of parts and training.
