Swedish firm advances with its initial Canadian takeover, led by Baker McKenzie
In a significant move, Axel Johnson International's business group Lifting Solutions has announced the acquisition of the Canadian company, Lamé St-Pierre Group (LSP Group). The deal, which marks Axel Johnson's first investment in Canada, is seen as an opportunity for Lifting Solutions to accelerate growth in the region.
Based in Ontario, New Brunswick, and Quebec, LSP Group is a leading provider of lifting equipment, engineered lifting tools, rigging solutions, and value-added services, including certification, training, and inspection. The company's co-owner, Alphonse Belanger, is proud of what LSP Group has built and sees Axel Johnson International as a strong partner for future growth and development.
Mattias Jaginder, managing director of Lifting Solutions, views LSP Group as a clear market leader with a proven track record of growth, a strong local brand, and an entrepreneurial culture that mirrors their own. He expresses enthusiasm about supporting the LSP Group team and expanding the offering across Canada together.
The acquisition was advised by the Baker McKenzie team, with members including John Gustafson, a private equity partner based in Stockholm, Nancy Hamzo, a partner based in Toronto, and associates Tanay Shah, Milinda Yimesghen, and Mario Lofranco, with Shah and Yimesghen based in Toronto and Lofranco in Stockholm.
For Axel Johnson International, the acquisition of LSP Group is a strategic move reflecting their ambition to grow in markets with long-term potential and cultural fit. CEO Martin Malmvik views this expansion into Canada as a significant step in the company's growth strategy.
LSP Group's co-owner Alphonse Belanger emphasizes that the company is joining a group that shares its values and understands its business. He expresses excitement about the future opportunities for the company as part of Axel Johnson International. The decentralized model, strong financial performance, and experienced management team of LSP Group are assets that will aid Axel Johnson International in advancing its growth strategy in the region.
The integration and consolidation of LSP Group into Axel Johnson International's operations are expected to involve ensuring a smooth transition, consolidating resources, and streamlining processes to eliminate redundancies and enhance efficiency. The strategic partnership is also expected to lead to market expansion, innovation and technology adoption, and talent retention and development.
With this acquisition, Axel Johnson International is poised to make a significant impact in the Canadian market and further strengthen its position as a global leader in its sector.
The acquisition of LSP Group by Lifting Solutions, a part of Axel Johnson International, is expected to provide a platform for growth in the Canadian market, given LSP Group's status as a market leader with a strong local brand and entrepreneurial culture. With the strategic partnership and integration, Axel Johnson International aims to advance in the Canadian finance sector, focusing on long-term potential and cultural fit.
