The National Bank SME Growth Fund, L.P., announces its first deal

Montreal, April 15, 2021

National Bank Private InvestmentTM today announced the closing of the first deal for the National Bank SME Growth Fund, L.P., (the “Fund”), consisting of an investment in the capital of Pol R Enterprises Inc. (“Pol R”). The deal will enable the company to complete an important phase of its succession plan and will include support from National Bank Private InvestmentTM for its growth and development. Based in Quebec City, Pol R has close to 400 employees in three separate business units: distribution and transformation of insulation and related products (under the Nadeau, Impro, Scotia Insulations and Nu-West banners); design and manufacture of controlled environments such as cleanrooms for the health and life sciences sector and acoustical enclosures that are part of the electrical grid (its subsidiary Mecart); and the design and fabrication of specialized products for OEM manufacturers, specifically in the transportation industry (Artik/OEM unit).

Announced in July 2020, the Fund was created as part of an equal partnership with the Quebec government and will support Quebec’s economic recovery and the digital transformation of its small and medium-sized enterprises. It complements the bank financing available to businesses. With the participation of more than 245 private investors, National Bank Private InvestmentTM completed the initial capitalization of $200 million in January 2021.


“The National Bank SME Growth Fund was created to support business owners and help them take advantage of opportunities for growth and fulfill their succession plan. That is exactly what this deal with Pol R achieves,” noted Luc Ménard, Executive Vice-President, Managing Director and Chief Private Placement Officer at National Bank. “Pol R makes a significant contribution to economic and social development. We are pleased to help it achieve its mission by not only offering some members of the future management team the opportunity to increase their stake in the company with this investment, but also by supporting the implementation of their strategic plan.”

“I am proud National Bank Private InvestmentTM chose us for its very first deal,” stated Benoît Poupart, Chief Executive Officer of Pol R Enterprises Inc. “This is a major step forward in the company’s development and succession plan, which was initiated a few years ago, and it will ensure the long-term growth and sustainability of our operations.”

Related links

The National Bank SME Growth Fund, L.P., Is Up and Running

National Bank Launches a Venture Capital and Development Fund

About National Bank of Canada
With $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. National Bank has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow National Bank’s activities at or via social media such as Facebook, LinkedIn and Twitter


Marie-Pierre Jodoin
Senior Manager, Public Affairs and Corporate Social Responsibility
National Bank of Canada