Namakor holdings acquires CMI mulching, a manufacturer of tracked mulching tractors and stump grinders, and embarks on a new phase of promising development

Namakor holdings acquires CMI mulching, a manufacturer of tracked mulching tractors and stump grinders, and embarks on a new phase of promising development

Montreal, January 23, 2024/Business Wire – Namakor Holdings celebrates the strategic acquisition of CMI Mulching Inc., specializing in the manufacturing of industry-leading tracked mulching tractors and stump grinders. This acquisition, supported by an equity investment by the Fonds de solidarité FTQ, comes with an infusion of human and financial resources aimed at propelling the company’s growth to new heights.


In the late 90s, the company’s founders purchased a dedicated self-propelled grinder from Europe for their agricultural lands and to undertake contracted work. Driven by a passion for mechanics, they dedicated themselves to enhancing the performance of their forest grinder with the assistance of several specialists. Proud of their achievements and eager to test its limits, they decided to offer their services to oil contractors in Western Canada, where the application conditions were harsh. The grinding performance and technical reliability quickly garnered attention, and the clientele began requesting machines; thus, CMI was born!

The company has solidified its position as a leader in a highly competitive market, providing advanced equipment to professionals, across a wide range of industries.

“The members of the CMI family, including our clients and suppliers, rightfully take pride in our contribution to the ongoing success of the company. With Namakor’s acquisition of the Company, CMI will have access to a wide range of resources to build on its legacy and capture future growth opportunities,” added Charles Vennat, who will take the helm of CMI as President and CEO.

Strengthening the Team with New Leadership

“The success of manufacturing companies in Namakor’s portfolio largely results from the addition of exceptional talent at the helm of experienced teams,” notes Mr. Stéphane Huot, President of Namakor Holdings. ” Charles’ vision, focused on teamwork, collaboration, innovation, and continuous improvement, coupled with his relevant experience as the President and CEO of Canadian manufacturing companies across a range of industries, will enable CMI’s seasoned team to reach new heights of excellence,” adds Mr. Huot.

Exceptional Growth Potential

“We remain committed to investing in businesses that align with our values and vision for sustainable growth. CMI’s reputation for delivering high-quality mulching solutions complements our portfolio and positions us well for future success. By leveraging Namakor’s strategic partnerships, business networks, and financial resources, CMI can accelerate its organic growth and explore new geographical markets. Additionally, we’re pleased to on-board Fonds de solidarité FTQ as an equity partner at CMI. Their support strengthens CMI’s position in a growing market and speaks to their confidence in CMI’s potential opportunities.” asserts Mr. Abhi Capoor, Principal at Namakor Holdings.

An Ambitious Strategic Plan

Increasing market share in a competitive industry requires constant strategic discipline. “Namakor has a proven track record in providing long-term support for the development of high-performing manufacturing companies. With the acquisition of CMI, Namakor completes its 6th platform acquisition and its 14th transaction since its inception. “highlights Mr. Patrick Dussault, CEO at NAMAKOR Holdings. “We are excited to support CMI’s leadership team in developing and executing an ambitious strategic plan,” adds Mr. Dussault.

“With its state-of-the-art infrastructure, CMI is well positioned to capitalize on established customer relationships and accelerate growth with existing and new customers,” said Dany Pelletier, Executive Vice-President for Private Placements and Impact Investing at the Fonds de solidarité FTQ. “The expertise and knowledge of Namakor along with the new management team give the company an edge in the industry.”

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