In Quebec Incs Eye Selling another local business to foreign

In Quebec Inc.’s Eye: Selling another local business to foreign prospects

Each week we provide an overview of insider trading, investing in local businesses and news from public companies.

An American fund swallows Mtl Cool

New York-based private investment firm Ronin Equity Partners announced last week that it had acquired Mtl Cool, a Chambly-based manufacturer of commercial refrigeration equipment. Founded in 1997, the company will be merged with Due North, also owned by Ronin. A little over five years ago, Mtl Cool received financial support from the federal government, the BDC, Investissement Québec and Capital régional et coopératif Desjardins. Earlier this week, Le Journal announced that Quebec companies’ sales to overseas prospects rose 48% from 2018 to 2021.

A Quebecer named in Toronto

Yannick Blanchard, a former vice president of the Federal Reserve, bought nearly $1.1 million worth of shares in Medical Facilities Corporation in September. Mr. Blanchard has just been appointed a director of the Toronto based company which operates surgical facilities in the United States. In the same breath, Medical Facilities announced a share buyback and a move away from its growth strategy through acquisitions.

He buys GDI

GDI Building Services chief financial officer Stephane Lavigne bought $108,000 worth of stock in the Montreal-based company on Tuesday. The building maintenance company’s stock is down about 22% year-to-date. Mr. Lavigne has been with GDI since 2016.

Fondaction invests in Buddha

Montreal-based Buddha Brands received an undisclosed investment from Fondaction CSN this week. Founded in 2009 by Christopher Magnone and Mark Cigos, Buddha primarily markets coconut water and vegan protein bars.

He sells Dollarama

Hey Thomas, a Dollarama board member since 2011, sold over $630,000 in shares in the Quebec retailer this week. Mr. Thomas is a former executive of SmartCentres and Canadian Tire.

Buyer at Alithya

Alithya chairman Pierre Turcotte bought nearly $188,000 worth of stock in the Montreal-based computer company this week. Mr. Turcotte is a former executive of CGI. Meanwhile, Alithya CEO Paul Raymond continued to buy, bringing his total company stock purchases to nearly $225,000 over the past month.

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