TROIS-RIVIÈRES, Québec, January 7, 2026 — Groupe Somavrac Inc. (“Somavrac” or the “Company”), a leading Québec-based infrastructure company serving strategic industries throughout the province and across Canada, and a consortium led by Instar Asset Management Inc. (“Instar”) and including Investissement Québec and the Fonds de solidarité FTQ, today announced a partnership that will support continuity, stability, and responsible stewardship as the Company enters its next phase.
Founded in Trois-Rivières by the Paquin family, Somavrac has grown over six decades into a key player in regional and national supply chains, particularly along the St. Lawrence Seaway, while remaining closely connected to the communities where its employees live and work.
“Groupe Somavrac was built with a deep sense of responsibility toward our employees, our partners, and the communities we serve,” said Marc Paquin, President and Chief Executive Officer of Somavrac. “After careful consideration of the Company’s future, we selected Instar as the right partner to build on our legacy, preserve our culture, and support our people. With the support of Instar and its Québec-based co-investors, we will safeguard more than 500 jobs, maintain our 12 divisions, and strengthen our presence in Québec as we take the next step in our growth and continue playing a strategic role in the Québec economy.”
Under Mr. Paquin’s leadership, Somavrac has developed deep expertise operating in highly regulated environments, facilitating trade, supporting industrial development, and strengthening supply chains. The Company serves the mining, agricultural, pulp and paper, aluminum, cement, chemical, and water treatment sectors through a network of 17 specialized sites, dry and liquid bulk storage assets, and value-added chemical distribution and transportation facilities.
Mr. Paquin will remain President and Chief Executive Officer for a transition period, during which he will work closely with Instar to support continuity and identify his successor.
A Like-Minded Partner Focused on Responsible Ownership
Instar is acquiring the entirety of the Somavrac group, including all 12 subsidiaries, while maintaining the Company’s head office in Trois-Rivières, as well as its 500 employees in Québec and Ontario. The partnership between Somavrac and Instar honours the legacy of the Paquin family by ensuring the Company remains Québec-rooted, Canadian-owned, and guided by a long-term stewardship mindset.
Instar is a Canadian private equity firm focused on long-term value creation through responsible ownership of essential infrastructure businesses. The firm is distinguished by its people-first culture, ownership mindset, and proven experience partnering with businesses in ports, logistics, and transportation-adjacent industries that closely aligns with Somavrac’s operational realities and the responsibilities of managing critical infrastructure.
“Groupe Somavrac is a high-quality company with a strong culture and an essential role in the Québec and Canadian economy,” said Daniel Perruzza, Partner at Instar. “We’re focused on supporting the team to build on the Company’s strengths, pursue new growth opportunities, and extend our shared values of respect for people, operational excellence, environmental responsibility and long-term thinking.”
Alignment with Québec’s Economic Priorities
The partnership brings together organizations aligned with Québec’s economic priorities, including Investissement Québec and the Fonds de solidarité FTQ, as well as the support of the Government of Québec through the Fonds de développement économique du Québec.
“Now more than ever, Québec must build on the strengths of its regions to bolster its economy. By supporting Groupe Somavrac, our government is reinforcing its decision to maintain the head office of a leading Québec company in the province, preserve well-paid, essential jobs in multiple regions, and retain control over the use of Québec’s waterways. This is critical to ensuring that our economy is self-reliant and that strategic decisions continue to be made right here in Québec,” said Christine Fréchette, Minister of Economy, Innovation and Energy, and Minister Responsible for the Montérégie Region.
“Groupe Somavrac has been driving significant economic spinoffs in Québec for over 60 years. Our government is proud to support Groupe Somavrac, a key partner to several Québec industries, while helping to maintain and create hundreds of jobs across the province,” said Jean Boulet, MNA for Trois-Rivières, Minister of Labour and Minister Responsible for the Mauricie Region.
“Groupe Somavrac is a highly strategic player in the logistics of essential materials for the mining, aluminum, and agricultural sectors. By acquiring an ownership interest at this pivotal moment in the company’s history, Investissement Québec is helping to maintain the head office in Québec, preserve numerous jobs across eight regions of the province, and support the company’s growth. This strategic intervention clearly illustrates the role our organization plays in supporting high-potential companies and generating a tangible impact on Québec’s economic vitality,” said Bicha Ngo, President and CEO of Investissement Québec.
“This partnership is aligned with the Fonds’ mission to support Québec businesses that contribute to sustained economic and social value. Groupe Somavrac is a well-established company with deep roots in Québec. At a time of major structural change, maintaining strong supply chains in Canada is critical, and Groupe Somavrac is a key player in this important sector. By supporting this partnership, the Fonds is contributing to the continued development of a business that creates quality jobs and supports economic vitality across multiple regions of Québec,” said Gilles Poulin, Vice-President, Private Equity and Impact Investing – Aerospace, Infrastructure and Transportation, at the Fonds de solidarité FTQ.
Financial terms of the transaction were not disclosed. TD Securities Inc. acted as exclusive financial advisor to the consortium formed by Instar, Investissement Québec and the Fonds de solidarité FTQ, and McCarthy Tétrault LLP served as its legal advisor. PwC Corporate Finance Inc. acted as financial advisor to Somavrac, and Miller Thomson LLP served as the Company’s legal advisor.
About Groupe Somavrac
Founded in Trois Rivières, Groupe Somavrac is a Québec-based infrastructure company serving strategic industries across Québec and Canada. Built over more than 60 years by the Paquin family, the Company has developed deep expertise operating in highly regulated environments and plays a critical role in regional and national supply chains, particularly along the St Lawrence Seaway. Groupe Somavrac’s success is driven by its people and guided by a long-term commitment to safety, reliability, environmental responsibility, and operational excellence. Groupe Somavrac is headquartered in Trois-Rivières and has 12 subsidiaries spread across 17 different sites in 11 cities in Québec and Ontario. For more information, visit www.groupesomavrac.com.
About Instar Asset Management Inc.
Instar is a private equity firm that invests in scalable businesses providing essential products and solutions to communities across North America’s middle market. With approximately $3 billion of equity under management, Instar’s growing and diversified portfolio includes niche market leaders across Canada and the United States, primarily in the transportation and logistics, energy transition, and environmental sectors. For more information, visit www.instarinvest.com.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec's economic development. The Corporation’s services are designed to spur productivity, innovation, market development and the competitiveness of Québec businesses. To that end, Investissement Québec supports them at every stage of their growth with financing, as well as assistance with business consulting, technological transformation, and workforce strategies. In addition, through Investissement Québec International, the Corporation also provides concrete support for businesses’ export activities and conducts prospecting activities to attract foreign investment to Québec. For more information, visit www.investquebec.com.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec, delivering on its mission through a unique business model created more than 40 years ago. Since then, the Fonds has mobilized and engaged Québec by leveraging the retirement savings of more than 816,000 shareholders-savers.
With net assets totaling $23.0 billion as of November 30, 2025, the Fonds supports thousands of companies through direct and indirect venture and growth investments, guided by the belief that its investments generate both financial and societal impact. For more information, visit www.fondsftq.com or follow us on LinkedIn.
Media Contacts
Instar Asset Management
Serge Vallières
438-372-3575
svallieres@national.ca
Groupe Somavrac
Josée-Anne Coutu
873-255-3243
jacoutu@groupesomavrac.com
Steve Renaud
819-698-3837
steve@beaudoinrp.com
Disclaimer:
This release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the United States’ federal securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, and includes words such as “believes”, “seeks”, or negative versions thereof and other similar expressions, or future conditional verbs, such as “may”, “will”, “should”, “would” and “could.”
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