{"id":7545,"date":"2025-09-05T11:40:42","date_gmt":"2025-09-05T15:40:42","guid":{"rendered":"https:\/\/noreacapital.ca\/?p=7545"},"modified":"2025-09-05T11:40:42","modified_gmt":"2025-09-05T15:40:42","slug":"norea-capital-acquires-motrec-international-a-global-leader-in-industrial-electric-vehicles","status":"publish","type":"post","link":"https:\/\/noreacapital.ca\/en\/blog\/norea-capital-acquires-motrec-international-a-global-leader-in-industrial-electric-vehicles\/","title":{"rendered":"Norea Capital Acquires Motrec International, a Global Leader in Industrial Electric Vehicles"},"content":{"rendered":"<style>.elementor-7545 .elementor-element.elementor-element-04aac6c > .elementor-element-populated{margin:0px 0px 0px 0px;--e-column-margin-right:0px;--e-column-margin-left:0px;padding:0px 0px 0px 0px;}.elementor-7545 .elementor-element.elementor-element-d1bfd58{text-align:justify;font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-size:var( --e-global-typography-text-font-size );font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );width:var( --container-widget-width, 100% );max-width:100%;--container-widget-width:100%;--container-widget-flex-grow:0;}.elementor-7545 .elementor-element.elementor-element-d1bfd58 > .elementor-widget-container{margin:0px 0px 0px 0px;}.elementor-7545 .elementor-element.elementor-element-b8ff73e{text-align:justify;font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-size:var( --e-global-typography-text-font-size );font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-7545 .elementor-element.elementor-element-b8ff73e > .elementor-widget-container{margin:0px 0px 0px 0px;}.elementor-7545 .elementor-element.elementor-element-bdb78da{font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-size:var( --e-global-typography-text-font-size );font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-7545 .elementor-element.elementor-element-bdb78da > .elementor-widget-container{margin:-20px 0px 0px 0px;padding:0px 0px 0px 0px;border-style:solid;border-width:1px 1px 1px 1px;border-radius:0px 0px 0px 0px;}.elementor-7545 .elementor-element.elementor-element-7072bb7{text-align:justify;font-family:var( --e-global-typography-text-font-family ), Sans-serif;font-size:var( --e-global-typography-text-font-size );font-weight:var( --e-global-typography-text-font-weight );color:var( --e-global-color-text );}.elementor-7545 .elementor-element.elementor-element-7072bb7 > .elementor-widget-container{margin:0px 0px 0px 0px;}@media(max-width:1024px){.elementor-7545 .elementor-element.elementor-element-d1bfd58{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-b8ff73e{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-bdb78da{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-7072bb7{font-size:var( --e-global-typography-text-font-size );}}@media(max-width:767px){.elementor-7545 .elementor-element.elementor-element-d1bfd58{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-b8ff73e{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-bdb78da{font-size:var( --e-global-typography-text-font-size );}.elementor-7545 .elementor-element.elementor-element-7072bb7{font-size:var( --e-global-typography-text-font-size );}}<\/style>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7545\" class=\"elementor elementor-7545 elementor-7544\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-178eb6e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"178eb6e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-04aac6c\" data-id=\"04aac6c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d1bfd58 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"d1bfd58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Sherbrooke, September 5, 2025 &#8211; <\/strong>Reflecting on the transition, successful Quebec entrepreneur, owner and outgoing President \/ CEO Blair McIntosh stated: \u201cIt has been an honor and a privilege to have worked with such a loyal and highly skilled team to help shape Motrec International (Motrec) into the thriving world-class company that it is today: a designer and manufacturer of reliable, high-performance electric industrial vehicles \u2013 achieving a tenfold increase in sales since I acquired it in 2011 \u2013 and a proud pillar of employment and economic strength for Quebec\u2019s Eastern Townships region. After such a rewarding 15-year journey, the time has come for me to pass the torch. With a strong and capable leadership team at the helm, the arrival of Norea Capital (Norea) as majority shareholder, and Export Development Canada (EDC) as a strategic partner, I am confident that Motrec is poised to accelerate into its next phase of growth with even greater momentum.\u201d<\/p><p>In addition to Norea and EDC, three members of Motrec\u2019s leadership team are joining the company\u2019s shareholder group. While stepping back from day-to-day operations, Mr. McIntosh will remain involved as a minority shareholder and a member of the company\u2019s board of directors.<\/p><p><strong>Appointment of a New CEO<\/strong><\/p><p>As part of the transaction, Norea also announced the appointment of Rodier Grondin, outgoing President of Princecraft Boats, as Motrec\u2019s next Chief Executive Officer. A seasoned executive from Norea\u2019s business network, Mr. Grondin expressed his enthusiasm for this new mandate. \u201cMotrec is a genuine example of Canadian innovation and expertise, with a talented team and electric vehicles that stand out in the marketplace. I am excited to join the organization and contribute to its continued success in the years ahead.\u201d<\/p><p><strong>Driving Local and Global Growth<\/strong><\/p><p>\u00ab\u00a0We are privileged to partner with Rodier and a company that has as much commercial potential as Motrec,\u00a0\u00bb said Luc M\u00e9nard, President and Managing Partner of Norea. \u201cIn many markets, the company is only skimming the surface. We are fully committed to providing Motrec with the means to achieve its ambitions and reach the next level \u2013 both at home and around the world.\u201d<\/p><p>While several Canadian flagship organizations such as Hydro-Qu\u00e9bec and Bombardier rely on Motrec vehicles to support their daily operations, the company continues to achieve its greatest successes internationally. With a presence in 16 countries, Motrec plans to continue its global expansion, with a particular focus on South America and the Middle East. Strategic acquisitions outside of Quebec are also under consideration to accelerate growth.<\/p><p><strong>Motrec Vehicles in Action<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a66195 elementor-widget elementor-widget-image\" data-id=\"2a66195\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" width=\"768\" height=\"465\" src=\"https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/vw3-768x465.jpg\" class=\"attachment-medium_large size-medium_large wp-image-7547\" alt=\"\" decoding=\"async\" srcset=\"https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/vw3-768x465.jpg 768w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/vw3-300x182.jpg 300w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/vw3.jpg 991w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">The MP-240 personnel carrier, is used in several automotive plants, including Volkswagen\u2019s South African facility, where it helps facilitate guided school visits.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aeb59cb elementor-widget elementor-widget-image\" data-id=\"aeb59cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img width=\"768\" height=\"576\" src=\"https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-768x576.jpg\" class=\"attachment-medium_large size-medium_large wp-image-7549\" alt=\"\" decoding=\"async\" srcset=\"https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-768x576.jpg 768w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-300x225.jpg 300w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-1024x768.jpg 1024w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-1536x1152.jpg 1536w, https:\/\/noreacapital.ca\/wp-content\/uploads\/2025\/09\/STM-2048x1536.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">The MT-180 tow tractor was customized to meet the needs of the Soci\u00e9t\u00e9 de transport de Montr\u00e9al (STM) for the maintenance of its new Azur subway cars.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8ff73e elementor-widget elementor-widget-text-editor\" data-id=\"b8ff73e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Motrec factsheet<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdb78da elementor-widget elementor-widget-text-editor\" data-id=\"bdb78da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Motrec\u2019s operations are powered by the expertise of 90 employees based in a modern 70,000-square-foot facility, based in Sherbrooke\u2019s industrial park. The company is also part of a broader manufacturing ecosystem in Quebec\u2019s Eastern Townships region, bringing together more than 300 employees across a dozen companies.<\/li><li>Motrec is a preferred supplier to leading global automotive manufacturers such as Ford, Stellantis, Tesla, Honda, Nissan, and Subaru, as well as to major corporations including Kraft, Walmart, Procter &amp; Gamble, FedEx, Merck, Boeing, Airbus, Alcoa, Rio Tinto, and Anheuser-Busch. In Canada, Motrec also serves well-known organizations, such as Hydro-Qu\u00e9bec, Pomerleau, Bombardier, Pratt &amp; Whitney, Uni-Select, Porter Airlines, and the Vancouver Airport Authority.<\/li><li>The company generates sales across Canada, in 48 of the 50 U.S. states, and in multiple international markets including Mexico, the United Kingdom, France, Australia, Chile, China, the United Arab Emirates and South Africa.<\/li><li>Motrec\u2019s vehicles \u2013 such as tow tractors and burden carriers \u2013 are designed to complement forklifts by streamlining operations, lowering costs, and reducing the risk of accidents. By replacing internal combustion engine forklifts, Motrec\u2019s electric vehicles also help clients reduce their carbon footprint.<\/li><li>Watch the <a href=\"https:\/\/www.youtube.com\/watch?v=c7pg2EfmeNg\">video on the potential of integrating tow tractors to industrial logistics.<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7072bb7 elementor-widget elementor-widget-text-editor\" data-id=\"7072bb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>About Motrec<\/strong> <strong>International<\/strong><\/p><p>Since its inception in 1988, Motrec has become a global leader in the design and manufacturing of industrial electric vehicles for the horizontal transportation of goods and people. With a wide range of configuration options, its portfolio of five vehicle families is used by more than 250 organizations worldwide. Motrec\u2019s electric vehicles help reduce carbon footprints, complement forklifts, optimize operations, and lower both costs and accident risks. For more information, visit <a href=\"https:\/\/motrec.com\/\">Motrec\u2019s website<\/a>.\u00a0<\/p><p><strong>About Norea Capital<\/strong><\/p><p>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 Montr\u00e9al, and active both in Canada and internationally, who leverage their expertise for the benefit of local entrepreneurs. For more information, visit <a href=\"https:\/\/noreacapital.ca\/en\/\">Norea\u2019s website<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31187d5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31187d5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56baf7b\" data-id=\"56baf7b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cc15bfa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc15bfa\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-48ab446\" data-id=\"48ab446\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-51d244f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51d244f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-23bfed0\" data-id=\"23bfed0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Sherbrooke, September 5, 2025 &#8211; Reflecting on the transition, successful Quebec entrepreneur, owner and outgoing President \/ CEO Blair McIntosh stated: \u201cIt has been an honor and a privilege to have worked with such a loyal and highly skilled team to help shape Motrec International (Motrec) into the thriving world-class company that it is today: [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[36],"tags":[],"class_list":["post-7545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogue","ast-col-sm-12","ast-article-post","ast-col-md-12","ast-archive-post"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Norea Capital Acquires Motrec International, a Global Leader in Industrial Electric Vehicles | Norea Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/noreacapital.ca\/en\/blog\/norea-capital-acquires-motrec-international-a-global-leader-in-industrial-electric-vehicles\/\" \/>\n<meta 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