La Caisse has invested $150 million in Innovair Solutions to support the HVAC-equipment manufacturer’s North American growth strategy while preserving its Quebec roots and ownership.

The investment follows Innovair’s recent transformation, including its strategic merger with Groupe Stelpro completed two years ago, which strengthened its market position through complementary expertise and distribution networks. The Beaulieu family remains the controlling shareholder, and the new capital will help advance expansion plans across Canada, the United States and internationally, said La Caisse.

In parallel, the Fonds de solidarité FTQ has provided $80 million in financing to support the company’s continued development.

Innovair now operates with nearly 1,300 employees across 17 locations in Canada, the U.S., Mexico and China, and reaches customers through a network of 600 distributors and major home-renovation retailers. Its portfolio spans electric heating, heat pumps, heating cables, ventilation and thermostats, including well-known Quebec brands such as Ouellet and Stelpro.

“Over its 60-year history, Innovair Solutions has established itself as a leading Québec player in the heating, ventilation and air conditioning sector, driven by the leadership of its founding shareholders,” said Kim Thomassin, a La Caisse executive vice-president and head of its Quebec operations.

“Alongside the Beaulieu family, La Caisse intends to play an active role, beyond providing capital, to support the company’s long-term growth, particularly in executing its acquisition strategy.”

Innovair CEO Louis Beaulieu said La Caisse’s support gives the company the momentum needed to accelerate its growth and solidify a sustainable financial structure.

“This is a strategic Quebec-based partner that allows us to continue building here, at home, for the long term,” he said. “Our pride in the progress we’ve made reflects the exceptional work accomplished by our teams. Together, we’re taking a new step toward our ambition: to become a world-class company that is headquartered in Quebec.

“The partnership opens the door to major opportunities and a very promising future for Innovair Solutions.”

Desjardins Capital Markets acted as exclusive financial advisor to Innovair Solutions on the transaction.