# Novacap continuation vehicle acquires majority interest in Master Group

Novacap completed a continuation vehicle transaction where Novacap Industries V and the vehicle acquired a majority interest in Master Group, raising C$1.1 billion to support Master's growth. This follows Master's acquisition of Value-Added HVAC Distributors in the US.

- Type: Acquisition
- Announced: 2021-12-16
- Where: Canada
- Value: $870.0M (1.10B CAD)
- Status: completed
- Products: heating, ventilation, air conditioning and refrigeration products
- Sectors: [HVAC and Industrial Refrigeration](https://endata.com/sectors/hvac-refrigeration.md)

## Companies

- [The Master Group](https://endata.com/companies/7229.md) (target)
- [Novacap](https://endata.com/companies/10320.md) (acquirer)

## Sources

- [lexingtonpartners.com](https://www.lexingtonpartners.com/press-releases/novacap-completes-a-second-major-continuation-vehicle-transaction/), 2021-12-16: "Building great companies takes time, resources and strong partnerships."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.