Polycor Inc., a Quebec-based natural stone producer, announced the acquisition of Swenson Granite and Rock of Ages, two of the top players in the granite and memorial monument industry. The merging of these three large companies makes them the biggest marble and granite production group in North America and one of the biggest worldwide. The headquarters of the business will remain in City of Québec, Canada.
These acquisitions will spotlight Polycor’s expertise in new North American and international markets. “Swenson Granite and Rock of Ages are brands known for the superior quality of their products in the markets where they have a presence. We wish to maintain their brand identity and image. They enjoy an enviable reputation, which will secure immediate growth for us,” explains Patrick Perus, CEO of Polycor. Polycor’s management is also aiming to acquire better knowledge of the customer base in these markets and strengthen their expertise in working natural stone quarries.
More than 800 employees will now work in Polycor’s numerous divisions. “Our intent is to create more jobs in the communities involved. We’re thrilled to welcome 400 new members into Polycor’s big family and we’re confident they will integrate seamlessly, as the three groups are complementary to each other and share similar fundamental values,” adds Perus.
TorQuest Partners and its co-investors, in conjunction with PNC Mezzanine Capital, are partnering with key members of Polycor, Swenson Granite and Rock of Ages management teams to capitalize the combined company. Though the transaction amount remains confidential, Polycor’s management estimates that by the end of this acquisition, revenues will exceed $150 million (USD) per year.
