Business
National Bank Private Investment supports CVTech-IBC with business transfer to its successor
National Bank Private Investment supports CVTech-IBC with business transfer to its successor ...
About this update from National Bank Of Canada
[{"type":"text","content":"\n \n \n \n National Bank Private Investment supports CVTech-IBC with business transfer to its successor\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Nov. 1, 2023\n \n \n /CNW/ - CVTech-IBC of\n \n Drummondville\n \n , a firm that specializes in the design and manufacture of continuously variable transmissions (CVTs), announces an investment in the capital stock of the company with the support of National Bank Private Investment (NBPI). The investment will be used by management to buy the shares of the president and majority shareholder,\n \n Alain Charest\n \n , and Operations Manager,\n \n Marc Dionne\n \n .\n \n \n This transaction finalizes the transfer of the company initiated by its president a few years ago when he formed a solid management team to ensure succession. David Ouellet is being named the new President and Chief Operating Officer. He will be supported by the existing management team to continue to grow the company.\n \n \n National Bank Commercial Banking and Investissement Québec assisted with the transaction by arranging bank financing.\n \n \n Founded in\n \n Drummondville\n \n in 1969, CVTech-IBC specializes in the design and manufacture of continuously variable transmissions for cars and recreational and utility vehicles. A leader in its field, the company is present in markets around the globe including\n \n Canada\n \n ,\n \n the United States\n \n ,\n \n Europe\n \n and\n \n Asia\n \n , and employs close to 200 specialized workers in the region.\n \n \n \"From the outset, the National Bank Private Investment (NBPI) team has been the ideal partner to ensure a smooth transition because they value our know-how and our desire to make sure that CVTech-IBC continues to grow and thrive in\n \n Quebec\n \n . The relationship formed naturally from the first meetings and my team is happy to continue working with such a valuable partner. I will continue to be involved by sitting on the board of directors to be formed. This announcement marks an important milestone for C...