New investors take stake in Quebec retailer G2MC Group
MONTREAL – Two Quebec-based investment firms, Desjardins Capital and Saturnia Asset Management, have taken a stake in G2MC, a furniture retailer operating 15 stores under the Maison Corbeil, Jardin de Ville, Galerie du Meuble, MUST, and Home Société banners.
Other stakeholders in the company include Champlain Financial Corporation and Fondaction.
In a statement, G2MC said the combined strength of this expanded investor group will allow the company to accelerate its growth plan in Western Canada.
G2MC was created in 2012 when Champlain, in a bid to enter the fragmented high-end furniture retail market in Quebec and Ontario acquired the Quebec City-based Galerie du Meuble. The following year, it added five-unit furniture-specialist Maison Corbeil before adding outdoor specialist Jardin de Ville in 2015. All three also operate transactional web sites.
With the renewed investment, the company also announced that Philippe Arrata, formerly chief executive officer of Mountain Equipment Coop (MEC), the Vancouver-based sporting goods specialist, has been named executive chairman of its board of directors.
Éric and Stéphane Corbeil – sons of founder Colette Corbeil – will continue to lead the company while Johanne Bourque will continue to hold the position of president of its Jardin de Ville division.
The financial terms of the transaction were not disclosed.
Based in Montreal, Champlain is a private equity firm with investments in a wide range of small to medium sized enterprises (SMEs) in both Canada and the United States.
Related Story: Maison Corbeil merges with La Galerie du Meuble