Averna, a Montreal-based developer of test and quality engineering solutions, has secured an investment from Walter Capital Partners, Investissement Québec and W Investments Group. No financial terms were disclosed. Debt financing for the deal was provided by Bank of Montreal, with participation from Roynat Capital. Averna’s prior investors, Caisse de dépôt et placement du Québec and Tandem Expansion Fund, exited with the deal.
MONTRÉAL, April 6, 2021 /PRNewswire/ – Buoyed by a marked increase in its international sales, Averna, a world leader in the development and integration of test and quality engineering solutions, announces that Walter Capital Partners, Investissement Québec and W Investments Group LP have joined the company’s executive team members as shareholders. These new partners share the Averna team’s determination to continue the firm’s growth by strengthening its presence in international markets.
Averna President François Rainville states “We are very proud to welcome these new partners. With their participation, the Averna team will have the resources to continue its fast-paced growth and we will keep our focus on consolidating the international market in our sector.”
“Walter Capital Partners will leverage its expertise and resources to support Averna’s world-class management team in deploying an international acquisition strategy,” says Walter Capital Partners Managing Partner Éric Doyon. “We are pleased to team up with Investissement Québec and W Investments Group LP, two co-investors who are as motivated as we are to support François Rainville and his team, who are also important shareholders.”
Headquartered in Montréal, the company currently employs close to 400 people in seven countries and provides innovative solutions and expertise in the life sciences, consumer electronics, automotive and transportation electrification, aerospace, defence, and telecommunications industries. Its prestigious client list includes leaders such as Medtronic, Google, Microsoft, Oculus, Intel, GE Healthcare, Rivian and Datwyler.
Averna’s mission is built on four pillars that reflect the company’s values and that drive its actions every day: teamwork and engagement, innovation and knowledge, performance and leadership, and a focus on client satisfaction. These have enabled Averna to build a solid and globally successful formula.
David Waddell, Managing Partner, W Investments Group LP, says: “All the pieces are in place to enable Averna to maintain and even accelerate its growth. With the executive team’s clear vision of the market, the depth and expertise of the Averna team, the constant innovation, the prestigious clientele, and now the new partners’ strategic business experience, Averna is strategically positioned to reach new heights!”
For his part, Guy LeBlanc, President and Chief Executive Officer, Investissement Québec, states: “We are pleased to be part of Averna’s growth plan. Alongside the experienced partners, we are convinced that the company has everything it needs to take its place in a fast-growing international market. In doing so, Investissement Québec is playing its role to the fullest: to foster the growth of world leaders based in Québec.”
Debt financing for the transaction was provided by Bank of Montréal with the participation of Roynat Capital.
As a global test and quality solution leader, Averna partners with product designers, developers and OEMs to help them achieve higher product quality, accelerate time to market and protect their brands. Founded in 1999, Averna offers specialized expertise and innovative test, vision inspection, precision assembly and automated solutions that deliver substantial technical, financial and market benefits for clients in the aerospace, automotive, consumer, defence, life sciences, semiconductor, telecom and other industries. Averna has offices around the world, numerous industry certifications and registrations, such as ITAR, and is partnered with National Instruments, PTC, Keysight Technologies and JOT Automation. www.averna.com