Coteau-du-Lac, March 10 2026 – Norea Capital (hereinafter “Norea”) becomes the majority shareholder of Metalunic. The transaction also allows three members of the company’s management team to become minority shareholders.
Founded in 2000, Metalunic is a manufacturer of metal cladding (siding and roofing) primarily serving the residential market, as well as the commercial, industrial, and agricultural sectors. Its high-end products are sold mainly in Canada, but also in the United States, where it has significantly increased its sales in recent years driven by its innovative product offering. Metalunic maintains strategic agreements with major distributors across Canada and the United States.
“Our ambition, together with Norea, is to double our revenue within the next five years and make Metalunic a North American leader in its field,” said Dr. Nicholas Nickoletopoulos, President of Metalunic. In Canada alone, the siding market represents a $2.5 billion sales opportunity. With our products designed for easy installation, even by homeowners, requiring minimal maintenance, and offering superior durability, we are very well positioned to gain market share outside Quebec. We intend, with Norea’s support, to be in acquisition mode in the coming years. Both in Canada and the United States, we will seek to expand our local presence in key markets”, added Dr. Nickoletopoulos, whose company is located just a short distance from the Ontario and U.S. borders.
The three product lines
The company’s flagship product line is the high-end Metalunic Design® solution, which includes the Distinction, Moderno, and vertical batten styles. These steel products are available in more than a dozen colors, including the wood-grain finish that has become a hallmark of the brand. The collection is designed to serve both the residential and commercial markets. The Metalunic Standard line offers core steel siding and roofing products primarily intended for the commercial and industrial sectors. Finally, the company also manufactures aluminum moldings and trims. Located in Coteau-du-Lac, the Boutique Metalunic is a well-renowned brand by consumers and exterior siding installers across the greater Montreal area.
An untapped potential
“Over the past ten years, Metalunic has experienced strong organic growth in Quebec,” noted Luc Ménard, President and Managing Partner of Norea. It has also laid the groundwork for a presence in the United States through the signing of strategic partnerships. Driven by a strong culture of innovation, the company developed the Metalunic Design® line, which has achieved significant commercial success. In the context of a housing shortage across North America, we see an opportunity to accelerate the commercial expansion of Metalunic’s products in the multi-residential market.”
Reducing the carbon footprint of the construction sector
With its two product lines of steel roofing and cladding products, Metalunic is a recognized leader in sustainable practices within the construction industry. Recycled steel accounts for 15 % to 20 % of the product manufacturing, and all panels are fully recyclable at the end of their lifecycle. “Using steel provides a clear environmental advantage compared to fiber cement cladding or asphalt shingles, which rely on fossil fuels,” emphasizes Dr. Nickoletopoulos. According to the Metal Roofing Alliance, a metal roof lasts is expected to last 40 to 60 years, or even longer which is at least 2 to 3 times longer than an asphalt shingle roof. It is worth noting that Canada has committed to reducing greenhouse gas emissions from construction by 45 % by 2030.
Coteau-du-Lac, March 10 2026 – Norea Capital (hereinafter “Norea”) becomes the majority shareholder of Metalunic. The transaction also allows three members of the company’s management team to become minority shareholders.
Founded in 2000, Metalunic is a manufacturer of metal cladding (siding and roofing) primarily serving the residential market, as well as the commercial, industrial, and agricultural sectors. Its high-end products are sold mainly in Canada, but also in the United States, where it has significantly increased its sales in recent years driven by its innovative product offering. Metalunic maintains strategic agreements with major distributors across Canada and the United States.
“Our ambition, together with Norea, is to double our revenue within the next five years and make Metalunic a North American leader in its field,” said Dr. Nicholas Nickoletopoulos, President of Metalunic. In Canada alone, the siding market represents a $2.5 billion sales opportunity. With our products designed for easy installation, even by homeowners, requiring minimal maintenance, and offering superior durability, we are very well positioned to gain market share outside Quebec. We intend, with Norea’s support, to be in acquisition mode in the coming years. Both in Canada and the United States, we will seek to expand our local presence in key markets”, added Dr. Nickoletopoulos, whose company is located just a short distance from the Ontario and U.S. borders.
The three product lines
The company’s flagship product line is the high-end Metalunic Design® solution, which includes the Distinction, Moderno, and vertical batten styles. These steel products are available in more than a dozen colors, including the wood-grain finish that has become a hallmark of the brand. The collection is designed to serve both the residential and commercial markets. The Metalunic Standard line offers core steel siding and roofing products primarily intended for the commercial and industrial sectors. Finally, the company also manufactures aluminum moldings and trims. Located in Coteau-du-Lac, the Boutique Metalunic is a well-renowned brand by consumers and exterior siding installers across the greater Montreal area.
An untapped potential
“Over the past ten years, Metalunic has experienced strong organic growth in Quebec,” noted Luc Ménard, President and Managing Partner of Norea. It has also laid the groundwork for a presence in the United States through the signing of strategic partnerships. Driven by a strong culture of innovation, the company developed the Metalunic Design® line, which has achieved significant commercial success. In the context of a housing shortage across North America, we see an opportunity to accelerate the commercial expansion of Metalunic’s products in the multi-residential market.”
Reducing the carbon footprint of the construction sector
With its two product lines of steel roofing and cladding products, Metalunic is a recognized leader in sustainable practices within the construction industry. Recycled steel accounts for 15 % to 20 % of the product manufacturing, and all panels are fully recyclable at the end of their lifecycle. “Using steel provides a clear environmental advantage compared to fiber cement cladding or asphalt shingles, which rely on fossil fuels,” emphasizes Dr. Nickoletopoulos. According to the Metal Roofing Alliance, a metal roof lasts is expected to last 40 to 60 years, or even longer which is at least 2 to 3 times longer than an asphalt shingle roof. It is worth noting that Canada has committed to reducing greenhouse gas emissions from construction by 45 % by 2030.
Metalunic in brief
- Metalunic is a specialized manufacturer of metal panels and roofing, primarily serving the residential market (65 %), as well as commercial (15 %), industrial (15 %), and agricultural (5 %) sectors. It is the largest Canadian manufacturer of high-end exterior cladding, owned by a Quebec company.
- The approximately fifty employees of Metalunic are spread across four buildings in Coteau-du-Lac, totaling 86,000 square feet.
- In 2024, a new automated press machine was acquired, enabling the rapid commercialization of new profiles.
- Steel cladding offers greater resistance to wildfires, in accordance with new regulations. The Metalunic Design® product line is certified for harsh climates, including Florida. As the company’s best-selling product line, these metal claddings come with a limited 40-year warranty outside coastal areas.
- Product distribution is carried out through a combination of building material distributors, specialty retailers, and exterior cladding installers.
- Metalunic products stand out for their aesthetics, ease of installation, low maintenance costs, and durability against harsh weather, including fire and wind.
- Retail sales, particularly for DIY projects, are conducted at the Metalunic Boutique in Coteau-du-Lac.
- Steel roofing is 100 % recyclable at the end of its life, unlike asphalt shingles, which end up in landfills in the vast majority of cases, amounting to one million tonnes per year in Canada
- In 2021, roughly 64,000 tonnes of asphalt shingles were discarded in Quebec, covering an area equivalent to at least 600 football fields. This does not include all the used shingles that end up illegally in nature. There could be up to 60,000 tonnes annually, according to Recyc-Québec.
- For more information, visit Metalunic’s website.
About Norea Capital
With $560 million in assets under management, Norea is an independent private equity manager focused on Canadian mid-market companies. Norea acts as a strategic partner to support private businesses in their growth plans, mergers and acquisitions, ownership transfers, and the implementation of value-added governance structures. Norea is distinguished by its partnerships with major business families established in Montréal, and active both in Canada and internationally, who leverage their expertise for the benefit of local entrepreneurs. For more information, visit Norea Capital’s website.