Deschenes Adds 6 Branches with Acquisition of Powrmatic
Nov 3, 2020
Since 1945 the Stamm family has proudly owned Powrmatic of Canada. Despite this 75 yearlong history the time has arrived for the family to transition its ownership and for newleadership to arrive. After a long search for the right partner Marilyn Skony Stamm gladly recommended to the Stamm International Board that it approves the sale of the Company to Deschênes Group. The ownership change is effective as of November 3rd, 2020.
This decision was based on Deschênes Group sharing a similar history, value system, business philosophy and a similar vision for the future. Since 1940, Deschênes Group is a family owned business currently generating C$ 1.5 billion in revenue and employing 2,700 individuals. It is a major player in the distribution of Plumbing, HVAC, Electrical and Waterworks products. Deschênes Group knows that success is driven by its employees, by having a customer centric approach and treating suppliers as partners. It prides itself on a family driven culture and has proven its vision for the future by becoming one of Canada’s Best Managed Companies since 2009.
Powrmatic has branches located in Toronto, London, Montreal, Quebec, and Halifax.
“The sale of Powrmatic of Canada to Deschênes Group marks a new and exciting path forward for the Company. Deschênes Group has acquired Powrmatic of Canada for its people, their experience and talent; its reputation and its track record of success. Under Deschênes Group’ leadership, Powrmatic of Canada’s future is very bright. While we will face many challenges, we look forward to working together to support each other and continue to grow,” said Powrmatic President Claude Lapierre, and Executive VP Lavel Genest via press release.
Powrmatic of Canada will continue to operate just as it has in the past. At this time, the phrase “business as usual” can be applied since there are no short-term changes foreseen in strategy, operations or on how business is done. The Company will become a new business unit under Deschênes Group. The transition should therefore be almost seamless, both internally and externally for customers and suppliers.