We run a concentrated portfolio of investments across Western Europe and Canada primarily.

A specialist of furniture hardware with 112 centers and soon half of its business in the United States, Québec-based Quincaillerie Richelieu, which caters primarily to a clientele of professionals, sports a pristine M&A record, an unusually high level of employee shareholding, and a thoughtful, value-driven expansion strategy under the guidance of its chief executive officer Richard Lord. In France, century-old distributor of building materials Groupe Samse shares all the same characteristics, but traded at the time of our investment for a single-digit multiple of its earnings despite a remarkable history of growth and returns of capital to shareholders.

Headed by scientists turned entrepreneurs Jean-Paul and Martine Clozel, Swiss company Idorsia was spun-off from Actelion with a pipeline of eleven compounds, of which four blockbuster materials in late-stage development. The biotech crash and a series of setbacks left it for dead in the eyes of investors, its outstanding assets and leadership notwithstanding. Montreal-based Knight Therapeutics, for its part, is engaged in the licensing business and structured as a carbon copy of Jonathan Goodman’s highly successful first venture, Paladin Labs, but on a greater scale and with a focus on Latin America.