ALEXANDRIA, Ont. – After 73 years of family ownership, Alexandria Moulding is entering a new era – the Cholettes have sold a controlling stake of the North Glengarry business to a private equity firm.
Alexandria Moulding, a leading manufacturer and distributor of mouldings and millwork products, announced Wednesday (April 13) Industrial Opportunity Partners (IOP), an operations-focused firm based in Evanston, IL., is in a new partnership with the local company.
John MacDonald, spokesperson at Alexandria Moulding, told Seaway News in a telephone interview Wednesday (April 20) the 450-500 unionized employees at the Alexandria plant “won’t be impacted during the paper transition.”
“It’s business as usual,” said MacDonald, staff member for over 45 years. “IOP now owns a major part of the shares, but there will be no changes (for workers).”
The Alexandria plant features a 220,000 sq. ft. state-of-the-art distribution centre.
Three generations of Cholettes have owned and operated Alexandria Moulding. Andre Cholette will remain the company’s president, a shareholder, and member of the board of directors.
“This partnership is about making us stronger,” Cholette said in a media statement. “IOP brings both resources and the experience to support the company’s transition from the third generation and sustainable growth.”
FAST FACTS
According to its website, Moulure Alexandria Moulding Inc. started as a small retail building supply store, a block from its present location on Power Dam Road, in 1943 by its founder Rolland Cholette. His two sons, Ronald and Guy, joined the company in 1952 and 1955, respectively, as president and vice-president. Positions they occupied until their retirement in 1997. Shortly after, the family-owned operations were taken over by the third generation, Jacques, Andre, Richard, and Pierre Cholette.
