Investments: the Fonds de solidarité FTQ invests $12 million in Nolk

Investments: the Fonds de solidarité FTQ invests $12 million in Nolk

UPDATE DAY

The Fonds de solidarité FTQ is investing $12 million in Quebec start-up Nolk, which dreams of becoming the next Couche-Tard, Le Journal has learned. 

< p>“Couche-Tard bought a lot of small convenience stores from family businesses and medium-sized businesses to create a large group. This is the ambition that we have”, launches in the Journal Alexandre Renaud, co-founder and CEO of Nolk.

“We buy companies at a certain level of maturity, generally when they have $5 million in revenue,” he explains. Then, Nolk helps its new brands to impose themselves on the market.

Opening of a subsidiary in the United States, improvement of websites, improvement of taxation… Nolk buys 100% of the shares of companies, takes an interest in their operations and pools data to create value.

Founded in 2018, the firm has 82 employees here and abroad, including fifty in Quebec. Its head office is in Saint-Bruno-de-Montarville, on the South Shore of Montreal.

Round of $30M

In total, the Fonds de solidarité FTQ investing $12 million, Export Development Canada (EDC), $5 million, Fondaction $3.6 million. Others are part of the round, such as Panache Ventures.

Thanks to the investment, the high-end office furniture and accessories company Ergonofis and the decor and design studio Montreal's Opposite Wall will come under the fold of Nolk, which is thus expanding its portfolio of brands “having an environmental conscience”.

Highlights

As of May 31, the Fonds de solidarité FTQ had net assets of $17.4 billion and Fondaction, $3.11 billion.

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