Exit from Eddyfi Technologies completed
Sale of Eddyfi to ESAB for US$1.45 billion completed.
Private Equity
Montreal-founded mid-market buyout investor running sector-focused funds across North America.
Novacap is a North American private equity firm founded in 1981 that focuses on control buyouts of middle-market and lower-middle-market companies. It invests through four sector strategies: Technologies (its largest by AUM), Digital Infrastructure, Industries and Financial Services. The firm reports primary and add-on investments in more than 250 companies since inception, manages over C$16 billion (stated as over US$12 billion earlier in 2026), and has offices in Montreal (Brossard), Toronto and New York.
12 interview reports0 open roles8 deals6 people30 sources
Buyouts of profitable, growing North American B2B software and tech-enabled services companies, often paired with cross-border add-on acquisitions; its seventh fund closed near US$3.8 billion in 2026.
Dedicated strategy backing lower mid-market connectivity and data-access businesses such as fibre, towers, Next Generation 9-1-1 and data centres; its inaugural fund raised over US$1 billion.
Sector team investing in industrial and manufacturing businesses in the mid-market; led by Managing Partner Jean-François Routhier since 2023.
Invests in insurance and financial services platforms such as managing general agent Revau and Consilium Insurance; completed its first continuation vehicle in 2025.
| Brossard (Montreal) | QC | headquarters |
| Toronto | ON | office |
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From the inside
Reasons that work in interviews
4 reasons for Novacap
One of the largest Canadian-headquartered PE firms by fund size, built out of Quebec rather than Toronto.
Digital infrastructure and TMT depth is genuine, including data centres and telecom assets most Canadian mid-market funds never see.
Operating partner model means portfolio involvement is structural rather than occasional.
Montreal base with North American deal flow: the clearest francophone route into large PE.
Unlock the full insights for Novacap: every round, the topics tested and what candidates experienced
Interview prep
How juniors get in
Runs private equity internships (e.g. Winter 2027, applications in late August) that can lead to an Analyst role, and also hires Senior Analysts and Associates with 2-4+ years of banking, Big 4 or PE experience; French is expected for Brossard roles.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Each row is a start season; the bars are when you apply. The track starts this month, so how far right a bar sits is how far off it is.
Quebec hearing healthcare network offering diagnosis, treatment and management of hearing disorders.
IndustriesPierrefonds, QCSince 2026
Joint venture with H5 Data Centers acquiring and operating carrier hotels across North America.
Digital InfrastructureEnglewood, COSince 2026
Manufacturer of aeroengine and aerostructure components and assemblies for aerospace OEMs and Tier 1 suppliers.
IndustriesBeauharnois, QCSince 2026
Fiber and fixed wireless internet provider serving rural Eastern Idaho.
Digital InfrastructureIdaho Falls, IDSince 2025
Joint venture with H5 Data Centers developing and repositioning data center facilities.
Digital InfrastructureEnglewood, COSince 2025
Global digital media measurement and optimization platform for advertisers and publishers.
TechnologyNew York, NYSince 2025
In-line pipeline inspection, integrity management and subsea robotics for energy infrastructure.
TechnologyQuebec City, QCSince 2025
Owner-operator of wireless communication towers serving U.S. carriers.
Digital InfrastructureRichmond, KYSince 2025
Develops and owns wireless telecommunications tower assets.
Digital InfrastructureCharlotte, NCSince 2024
Commercial and personal insurance brokerage.
Financial ServicesMontreal, QCSince 2024
Provider of Next Generation 9-1-1 emergency communications services.
Digital InfrastructureFort Wayne, INSince 2024
Software for managing blood, organ and tissue workflows from donor to patient.
TechnologyBaltimore, MDSince 2024
Broadband and telecommunications provider in Utah.
Digital InfrastructureKamas, UTSince 2023
Ancillary packaging and warehousing services for beverage and food producers.
IndustriesOakville, ONSince 2023
Converged TV advertising platform for audience targeting, activation and measurement.
TechnologyNew York, NYSince 2023
Canadian value-added distributor of pet supplies to independent pet retailers.
IndustriesCambridge, ONSince 2023
Healthcare data extraction, archiving and legacy application management.
TechnologySouth Bend, INSince 2023
Full-service actuarial consulting firm.
Financial ServicesDallas, TXSince 2023
Digital media company operating a portfolio of online content brands.
TechnologyIndianapolis, INSince 2023
Online financial marketplace comparing mortgage, credit card and insurance rates.
Financial ServicesToronto, ONSince 2022
Real estate technology and services for appraisal, title data and digital closings.
Financial ServicesCleveland, OHSince 2021
Medical imaging clinics in Alberta, Saskatchewan and British Columbia.
IndustriesCalgary, ABSince 2021
Canadian consulting firm focused on digital transformation, AI and technology execution.
TechnologyMontreal, QCSince 2021
Designs and markets consumer lighting and electrical products for North American retailers.
IndustriesMontreal, QCSince 2021
President and CEO; Managing Partner, Technologies and Digital Infrastructure
Technologies
Joined Novacap as a partner in 2003 and became CEO in 2017. Earlier he was a partner at Argo Global Capital, held private equity roles at CDP Capital, and founded and ran technology manufacturer Laserpro. Holds a BBA from Université de Sherbrooke and an MBA from McGill.
Chief Financial Officer
Finance
Joined Novacap in 1995 and leads its reporting, the financial structuring and tax planning of investments, and debt financing structures for portfolio companies. Previously a plant controller at Olymel; CPA (CMA, CA) and Université de Sherbrooke BBA.
Senior Partner, Head of Digital Infrastructure
Digital Infrastructure
Joined Novacap in 2012 and now heads its digital infrastructure strategy. He was previously a general partner at Nautic Partners and co-founded Key Venture Partners, both focused on communications infrastructure. He has chaired portfolio companies including Horizon Telecom, Syntax and Stratus Networks.
Managing Partner
Financial Services
Joined Novacap in 2018 and is managing partner of its Financial Services team. Previously President and CEO of UBS Global Asset Management (Canada), CFO of Fiera Capital, and head of Mercer Investment Consulting for Canada and Latin America. CFA charterholder and actuary (FSA, FCIA); chairs Revau and Lewis & Ellis.
Managing Partner
Industries
Managing Partner of the Industries funds since 2023, succeeding Jacques Foisy. Started at Novacap as an intern in 2004 and rose to principal, then spent 2017-2019 as COO of portfolio company Master Group before returning as senior partner in 2020. Chairs Master Group and Multy Home.
Lead Senior Partner
Technologies
Lead Senior Partner in the Technologies group, leading sourcing strategy and sitting on the investment committee. Joined Novacap in 2011 from PSP Investments, after investment banking at National Bank Financial. Serves on the boards of NDT Global and IAS; McGill MBA, HEC Montréal BBA.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Feb 20, 2025
Anastassia VolkovaPromotion
Partner, Industries
Novacap → Novacap
Promoted to partner in the Industries group; she first joined Novacap as an intern in 2009 and chairs portfolio company FortNine.
Feb 20, 2025
Jean-Philippe GarantPromotion
Partner, Financial Services
Novacap → Novacap
Promoted to partner in the Financial Services group; he joined in 2020 from CPP Investments' private equity team and sits on the boards of Revau and Consilium Insurance.
Closed Jun 2, 2026
Eddyfi Technologies
Seller · Non-destructive testing / industrial technology
Buyer ESAB Corporation · Seller Novacap and co-investors including La Caisse
Sale of Quebec City-based inspection and integrity-monitoring technology company Eddyfi to NYSE-listed ESAB, which committed to keep Eddyfi's head office and workforce in Quebec City.
Feb 2, 2026
Carrier hotel portfolio of 365 Data Centers
Acquirer · Data centres
Buyer HyscaleIX Data Centers (Novacap / H5 Data Centers) · Seller 365 Data Centers
Novacap and H5 Data Centers launched HyscaleIX and agreed to buy a portfolio of carrier hotels in several U.S. markets.
Oct 28, 2025
TAG Towers
Investor (partnership) · Wireless tower infrastructure
Buyer Novacap
Digital Infrastructure partnership with a Kentucky-based developer and operator of wireless towers to fund its tower development strategy.
Sep 24, 2025
Integral Ad Science (IAS)
Acquirer · Advertising technology
Buyer Novacap · Seller Public shareholders
All-cash take-private of the NASDAQ-listed media measurement and verification platform at US$10.30 per share, completed in December 2025.
Sep 24, 2025
Integral Ad Science Holding Corp.
Acquirer · Advertising Technology
Buyer Novacap
Montreal private equity firm Novacap agreed to acquire IAS for US$10.30 per share in cash, valuing it at about US$1.9 billion.
Sep 3, 2025
Revau
Seller · Insurance (managing general agent)
Buyer Continuation vehicle led by Northleaf Capital Partners, EDC and Fonds de solidarité FTQ · Seller Novacap Financial Services fund
First continuation vehicle for Novacap's Financial Services strategy, extending its ownership of Canadian P&C managing general agent Revau with new capital; UBS advised.
Apr 1, 2024
Nuvei Corporation
Co-investor · Fintech / Payments
Buyer Advent International (with rollover by Philip Fayer, Novacap and CDPQ)
Advent agreed to take Nuvei private at US$34.00 per share in cash, a 56% premium to the unaffected price, with founder Philip Fayer, Novacap and CDPQ rolling over equity.
May 9, 2022
Points.com Inc.
Co-investor · Technology (Loyalty)
Buyer Plusgrade Parent L.P. (backed by Novacap and CDPQ)
Plusgrade agreed to acquire Points for US$25.00 per share in cash, valuing Points at about US$385 million on an equity basis.
Sale of Eddyfi to ESAB for US$1.45 billion completed.
Novacap closed Technologies Fund VII at nearly US$3.8 billion, above its US$2.75 billion target, lifting firm AUM above US$12 billion.
BetaKit reports ESAB's purchase of Novacap- and La Caisse-backed Eddyfi, with commitments to keep jobs and HQ in Quebec City.
VideoWeek covers the all-cash take-private of IAS and notes Novacap's earlier ad-tech bet on Cadent.
Continuation vehicle for Revau backed by Northleaf, EDC and Fonds de solidarité FTQ.
Anastassia Volkova (Industries) and Jean-Philippe Garant (Financial Services) were promoted to partner.
Novacap closed its inaugural digital infrastructure fund, with Evercore as placement agent and four platforms already owned.
Routhier promoted to lead the Industries funds, completing a succession plan with Jacques Foisy.
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Novacap · Jul 8, 2026 · novacapcorp.com
Novacap · Jun 2, 2026 · novacapcorp.com
Novacap · Feb 25, 2026 · novacapcorp.com
Novacap · Dec 23, 2025 · novacapcorp.com
Novacap · Sep 24, 2025 · novacapcorp.com
Integral Ad Science Holding Corp. (SEC Form 8-K, Exhibit 99.1) · Sep 24, 2025 · sec.gov
Novacap · Sep 3, 2025 · novacapcorp.com
Novacap · Feb 20, 2025 · novacapcorp.com
Novacap · Jan 22, 2025 · novacapcorp.com
Nuvei Corporation via CNW · Apr 1, 2024 · newswire.ca
Novacap · Jul 12, 2023 · novacapcorp.com
Points.com Inc. (SEC 6-K) · May 9, 2022 · sec.gov
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap · Date unavailable · novacapcorp.com
Novacap (Rippling ATS) · Date unavailable · ats.rippling.com
Novacap · Date unavailable · novacapcorp.com
Novacap (Rippling ATS) · Date unavailable · ats.rippling.com
BetaKit · Feb 3, 2026 · betakit.com
VideoWeek · Sep 24, 2025 · videoweek.com
Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
Showing sources for the free preview. 0 further sources support the locked intelligence on this page.
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Summer Analyst · Canada
An autumn cycle for the following summer, with a small class. BSO has not confirmed a timetable for Novacap on an official page: this records that the intake exists and what the category's cycle looks like, not a published date. Confirm with the firm before you plan around it.
Co-op / Off-cycle intern · Canada
Off-cycle terms are common here and often the easier way in. BSO has not confirmed a timetable for Novacap on an official page: this records that the intake exists and what the category's cycle looks like, not a published date. Confirm with the firm before you plan around it.
Typical background
GuidanceA Big Six or boutique investment bank, a pension rotation, or asset management.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
Novacap is hereMid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Small-cap private equity, boutique managers and early-stage VC
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