Manac completes $170-million financing

Manac, reportedly North America’s largest manufacturer of custom-built and specialized commercial trailers, announced the closing of a major $170-million financing with Investissement Québec, Banque de développement du Canada (BDC) and Desjardins Group to support the modernization, automation and expansion of its plant in Saint-Georges, Que.

Specifically, Manac has secured loans for $40 million from the Gouvernement du Québec ESSOR program through Investissement Québec as agent, $30 million directly from Investissement Québec’s own funds and $50 million each from Desjardins and BDC. The plant in Saint-Georges is the company’s largest and dates back to 1967.

“Maintaining an efficient, competitive manufacturing site for more than 55 years in a highly cyclical industry is quite a challenge and requires the commitment of many partners,” Manac’s president and CEO, Charles Dutil.

“Innovation and automation are critical for Quebec companies to stay competitive,” says Pierre Fitzgibbon, the provincial minister of economy, innovation and energy, minister responsible for regional economic development and minister responsible for the metropolis and the Montreal region. “Our financial support will allow Manac to modernize its facilities and ensure the growth of its operations throughout Quebec and North America.”