The Quebec family business has turned down several foreign acquisition offers in recent years, preferring to let the fourth generation take over.
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“There were American companies that wanted to do mergers/acquisitions with us, but we never took it seriously because we had our succession plan in place. We knew the company was going to stay in the family,” he said. Log Jeff Corey, 35, is president of George Corey, a linen company for hospitals and hotels.
yesterday, News magazine Sales of Quebec companies to foreign interests rose 48% from 2018 to 90% last year, it said.
Lack of Quebec buyers
This phenomenon continues to grow every year, with thousands of companies looking for buyers.
Jeff and his brother Robert, 37, succeeded their father Michael as shareholders in the company founded by their great-grandfather George in 1910. An immigrant, the latter entered the business of selling linen door-to-door, then in Montreal by opening a store.
“My brother and I always wanted to take over the family business. My father never forced us, but it was natural for us. We never thought of doing anything else. Our dream is to do business together.
One hundred employees in Laval
George Corry has most of its products manufactured in countries like Pakistan, Bangladesh, Cambodia and China.
However, the company manufactures its surgical gowns and its specialty products at its Laval facilities – which employs about 120 people.
“We’ve done a little bit of everything in the company, so we’ve been preparing for the transition for a long time,” Jeff Corey said. It is really emotional for us to realize that we have just passed the company into the fourth generation. The fifth generation is still in school, but it’s coming! “
Sales jump 500%
The pandemic was clearly a very active time for George Cowie.
In 2020, the company sold just under 10 million isolation gowns, 100 times more than a typical year.
During this extraordinary year, George Cory’s sales increased by 500%.
The company’s turnover has fallen, but it is still 40% higher than before the appearance of COVID-19.
Shortages at the start of the pandemic convinced many consumers to switch from disposable products to reusable ones.
Already having warehouses in Calgary and Florida, George Corey plans to expand into the American West in the next few years.
“We need to stay close to our stock customers,” emphasized Jeff Corey.
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