An Initial Transaction as Part of a Sustained Growth Plan - Group Simoneau Acquires Ontario-based Sterling Combustion
BOUCHERVILLE, QC, Oct. 17, 2016 - Group Simoneau, a specialist in the design and manufacture of high-performance industrial boilers, is proud to announce that it has acquired Sterling Combustion, a one of its first collaborators and distributor based in Georgetown, Ontario. This acquisition marks an initial milestone in the growth plan Group Simoneau has adopted to strengthen its leadership position in the energy field. With this acquisition, the Québec firm seeks to be geographically closer to its customers and to penetrate new markets in the rest of Canada and the United States.
Sterling Combustion has expertise that complements Group Simoneau's, especially with respect to equipment integration and hot-water systems. Sterling also handles distribution of Autoflame, a European product recognized in the market as highly innovative and efficient. With this acquisition and its 30 years of experience, Group Simoneau is consolidating its offering, with a continuing focus on technologies, products and services that help optimize energy efficiency.
"When we acquired Gaz Métro Plus subsidiary Servitech Énergie in 2013, our aim was to grow our market share in Québec and to develop the equipment-leasing field," says Nancy Simoneau, President of Group Simoneau. She added: "We are proud to say this is mission accomplished. The Sterling acquisition marks a new step in Group Simoneau's development. We want to explore new markets and to move into areas of expertise that complement our own. The Ontario market currently accounts for about 10% of our revenues. We want to grow this to 25% and to develop new markets, especially in the United States, starting with Chicago and New York City."
Sterling Combustion becomes Simoneau Sterling Inc. Its Ontario facilities will be maintained and its staff numbers increased to ensure the same level of service.
About Sterling Combustion
Sterling Combustion Inc. has been involved in the North American packaged-boiler, burner and combustion industry since 1980. With its high-quality, efficient and reliable equipment, Sterling can meet the challenges faced by the most demanding customers. The company's products and services are based on the best available technology for reducing fuel usage and complying with environmentally acceptable emission standards.
About Group Simoneau
Group Simoneau, a family company in existence for more than 30 years, is headquartered in Boucherville, Qu̩bec. The company provides energy-management solutions through the design, manufacture and installation of energy efficient industrial, institutional and commercial boilers. In 2001, founder Ren̩ Simoneau handed the company reins to his daughter Nancy. Corporate revenues have grown exponentially in the last 15 years. The relentless pursuit of innovation Рthe very essence of the business strategy of this company that operates in a highly traditional sector Рhas contributed significantly to this growth.
http://www.groupesimoneau.com/en/sterling
SOURCE Groupe Simoneau
