Hardware store Patrick Morin’s 21 branches sell to Turkot Group and home hardware in a “several hundred million dollar” transaction.
The company’s 1,700 employees received the information in a letter on Wednesday Newspaper Were able to contact. Management thanks them for their cooperation over the past few years.
“We are proud of what we have achieved with you and are proud of the progress we have made across the 21 branches. We believe the company will grow and thrive under the Patrick Morin banner,” President Fran అధ్యక్షుడుois Morin wrote on behalf of the Morin family, saying he was leaving “a healthy business.”
In addition to the stores, Quebec Chain and Construction Equipment was founded in 1960, with a distribution center and administrative center in Joliet.
For several weeks, rumors have been circulating in the community that Patrick Morin Restoration Centers are about to change owners. The transaction comes as hardware stores have been trading gold in recent months due to the effects of the epidemic.
Three times its size
The new owner, Group Turquoise, owns seven hardware stores – six in Quebec and one in Ontario. He has been doing business under the Home Hardware banner since 2018. He was previously affiliated with Rona.
The Quebec group, led by Louis Turkot and his colleagues Daniel Gervais and Pierre Beauchamp, had 200 employees before the deal.
“We are honored to welcome Patrick Morin, a company well rooted in the Quebec region,” Mr Turcott, who has been in the restoration business for more than thirty years, said in a press release. Is old.
The businessman promised to keep his headquarters in “Quebec”. The stores will continue their operations under the Patrick Morin banner.
To Richard Dorvey, President and Chief Executive Officer of AQMAT, the transaction, conducted by the Turquoise Group, came as a surprise.
“It simply came to our notice then. It’s amazing that a company can buy a company three times its size, ”he said, adding that he was happy to know that the headquarters would be in Quebec.
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