William Crooks
From left to right: Luc Ménard, president and managing partner, Norea Capital; Rodier Grondin, CEO, Motrec International; Paul Corriveau, senior partner, Norea Capital; and Blair McIntosh, outgoing CEO, minority shareholder and director, Motrec International.

By William Crooks

Local Journalism Initiative

Motrec International, the Sherbrooke-based manufacturer of industrial electric vehicles with clients in 16 countries, has been acquired by Montreal investment firm Norea Capital. The announcement was made Friday morning at the company’s headquarters on boulevard de Portland, marking a major turning point for the local flagship that has grown into a global player in specialized electric vehicles.

Blair McIntosh, outgoing CEO and owner, was a central figure at the press conference. Widely recognized as a leading voice in the anglophone business community of the Eastern Townships, McIntosh reflected on a 15-year journey at Motrec, where sales increased tenfold under his leadership. “It has been an honour and a privilege to have worked with such a loyal and highly skilled team to help shape Motrec into the thriving world-class company that it is today,” he said, adding that the company is now well-positioned to “accelerate into its next phase of growth with even greater momentum.”

A Quebec investment

For McIntosh, ensuring Motrec remained firmly rooted in Sherbrooke was non-negotiable. “When I did the research to find an investor, a buyer, one of my criteria was to find a Quebec company. For me, the operations here and the jobs here were primordial,” he told reporters.

That approach resonated with Norea Capital. “We believe that Motrec has developed a fairly unique positioning over the years,” said Norea President and Managing Partner Luc Ménard, explaining that the firm had been following the company for years before talks began. He noted that Motrec’s reputation among clients and distributors for producing “the most solid, the most reliable, the most robust product” confirmed the firm’s decision to invest.

Founded in 2020 during the pandemic as a spinoff from the National Bank, Norea manages $560 million in assets and now counts Motrec as its 20th investment. The firm partners with Quebec business families, the government of Quebec, and the National Bank to support companies in growth, acquisitions, and governance.

A new CEO

As part of the transaction, Rodier Grondin, formerly president of Princecraft Boats in Princeville, was named Motrec’s new CEO. Grondin described the opportunity as both professional and personal. “My goal is to make a Quebecois company grow at another level. We absolutely have to continue to develop locally here, but internationally,” he said, stressing the importance of keeping Motrec’s headquarters in Sherbrooke while expanding abroad.

Grondin, who grew up in the Beauce region and has worked with major corporations, called Motrec “a genuine example of Canadian innovation and expertise” and expressed enthusiasm about building on the company’s strong foundations.

Global contracts and expansion

A press release states that Motrec already serves a prestigious list of clients, from automotive manufacturers such as Ford, Stellantis, Tesla, Honda, and Subaru, to companies like Kraft, Walmart, FedEx, and Boeing. The company has achieved notable international breakthroughs, including contracts with Stellantis facilities in Mexico, the United States, and Canada. “It’s going to be a game changer for our company because the volume of vehicles that we’re going to produce for this contract over the next two years will be huge,” McIntosh said.

Motrec exports to 48 U.S. states and multiple international markets, with about 70 per cent of sales going to the American market. The company plans to continue expanding globally, particularly in South America and the Middle East, and is exploring strategic acquisitions outside Quebec.

Local roots

Despite its global reach, Motrec’s base remains firmly local. The company operates out of a 70,000-square-foot facility in Sherbrooke’s industrial park, employing 90 people and working with more than a dozen suppliers in the Eastern Townships, which together employ over 300 people. “More than 50 per cent of our materials come from the region,” McIntosh pointed out.

He also emphasized the importance of maintaining Sherbrooke as the heart of operations. “There is nothing, there is no company that approaches what we do here,” McIntosh said, arguing that Quebec’s expertise in engineering and manufacturing sets Motrec apart from competitors abroad.

A CEO with gas still in the tank

Although stepping back from day-to-day operations, McIntosh confirmed he will remain as a minority shareholder and member of the board of directors. At the press conference, he was clear that his entrepreneurial career is far from over. “I have no intention of taking my retirement. I have a lot of things to do… I still have a lot of gas in my tank,” he said, drawing smiles from those in attendance.

This transaction marks the sixth company McIntosh has sold in his 27-year career. His earlier ventures include Beckwith-Bemis, a Sherbrooke-based firm he sold in 2007 that still operates today. By his own account, McIntosh intends to continue contributing to Quebec’s business community and exploring new opportunities.

For Norea and Grondin, the focus now turns to Motrec’s next phase: developing new products, expanding capacity, and strengthening its international presence. “In many markets, the company is only skimming the surface,” said Ménard. “We are fully committed to providing Motrec with the means to achieve its ambitions and reach the next level – both at home and around the world.”