1. History
    Background   Stock Market and Process Automation    Financial Difficulties and Private Share Repurchase    Consolidation of Assets  

2. Team

3. External Links

4. References

Bestar is a ready-to-assemble home and office furniture manufacturer. The company was founded in 1948 and its head office is in Lac-Mégantic, which is located in the Estrie region of Quebec. The company currently has 180 employees and sells its products mainly online in Canada and the United States.

History

Background

In 1948, Bestar was founded by Jean-Marie Tardif in the town of Sainte-Martine-de-Courcelles, now called Courcelles, located in the Estrie region of Quebec. In honour of the company’s first major customer, the founder of the company, J.M Tardif, combined both their names to create the corporate name: Bestar. At first, the company specialized in handcrafted furniture such as coffee tables, rocking chairs, and solid wood bookcases.

In 1960, the manufacturer moved it’s factory to a new plant located a few kilometres away in Saint-Sébastien.

Bestar then moved its factory location to Lac-Mégantic in 1967 and Bestar then moved its head office there two years later. Bestar currently has over thirty employees working at that office location.

In the 1970s, the company changed its materials for production. For example, particleboard, which was better quality and less expensive, replaced hardwood. In the first half of the 1980s, the factory increased its production capacity by using high-tech equipment and automated processes.

Stock Market and Process Automation

In 1986, Bestar became a public corporation listed on the Montréal Exchange. Bestar distinguished itself as a furniture manufacturer for homes and small businesses.

In 1996, Bestar received its ISO 9001 certification and it aimed increasingly to produce office furniture.

In the early 2000s, the plant was expanded and the company implemented information systems and enterprise resource planning software (ERP software) to improve the company’s business procedures. At that time, the company had over 500 employees.^[1]

However, in 2006, the company faced financial difficulties. Bestar’s sales dropped by 14% due to supply problems, decreased sales from an important customer, as well as a poor exchange rate.^[2]

Between 2005 and 2009, the company invested roughly $6 million in its factory and equipment. In 2010, it adjusted its production lines to execute just-in-time production for small orders of custom furniture. The company also changed to 100% recyclable packaging.

From 2003 to 2009, Bestar (BES) listed on the Toronto Stock Exchange (TSX).^[3] In 2009, Bestar delisted from the Toronto Stock Exchange (TSX)^[4] and then listed on the Canadian Securities Exchange (CSE).

In 2011, Bestar developed a new product line. The company started manufacturing storage furniture and wall beds (also called murphy beds). Once it was launched, products from the new line were available primarily on the Costco website.^[5]

Financial Difficulties and Private Share Repurchase

Starting in 2011, Bestar searched for a company that would be capable of regaining financial control.^[6] Bestar had negative financial results between 2004 and 2014, and the company had made hardly any profit.

In the year following the rail tragedy that occured on July 6, 2013 in Lac-Mégantic, Bestar moved forward and continued its production by accommodating its workers.^[7]

In 2014, the factory measured 300 000 square feet and it had 140 employees working in its facility. The Fonds de solidarité des travailleurs du Québec and Placements Paulin Tardif were Bestar’s principal shareholders. Amalco, a group of private investors from Sherbrooke, which included Gilles Pansera, Chairman of the board at the time, offered a bid of $2.7 million to Bestar’s shareholders.^[8]

A $2 million plan to reinvest in Bestar was put in place in 2014.^[9]

Consolidation of Assets

In 2016, Bestar acquired shares from Plogg Média, which was founded and is currently managed by Philippe Marchesseault. With this newfound collaboration, Bestar intended to strengthen its online presence and to increase online sales through digital marketing.^[10]

In 2017, a financial transaction was made between Bestar and Novacap, which aimed to develop Bestar’s business strategy as a company specializing in ready-to-assemble office furniture. Novacap became Bestar’s majority shareholder.^[11]

Team

Bestar’s head office is in Lac-Mégantic, which is located in the Estrie region of Quebec. Mario Aubé is Bestar’s President and Chief Executive Officer. The company’s directors are Frédérick Perreault (Chairman of the board), Mario Aubé (President), Marc Paiement (Director), Marc-Antoine Lachance (Director), Mario Beaudoin (Director) and Philippe Martin (Director).^[12]

External Links

Bestar's Official Website: https://www.bestar.ca/

Plogg Media: https://www.plogg.ca/

Novacap: http://www.novacap.ca/

MB Capital: http://mbcapital.co/portfolio/bestar-inc/

References

• Conference of Latin America
• Conference of London (1920)
• Conference of London (disambiguation)
• Conference of London of 1921–22
• Conference of Presidents
• Conference of Presidents (Greece)
• Conference of Presidents of the European Parliament
• Conference of Rulers
• Conference of Sanremo
• Conference of Socialist Economists
• Conference of Studio Unions
• Conference of the Americas
• Conference of the birds
• Conference of the Birds (jazz album)
• Conference of the Birds (Om album)
• Conference of Vilnius
• Conference of Yalta
• Conference Olivaint
• Conference on Email and Anti-Spam
• Conference on Embedded Networked Sensor Systems
• Conference on Evolving Genes and Proteins
• Conference on Human Factors in Computing Systems
• Conference on Interaction and Confidence Building Measures in Asia
• Conference on Interaction and Confidence-Building Measures in Asia
• Conference on Jewish Material Claims Against Germany