Quebec Growth Capital Market Overview, Annual Q4 2025 (Réseau Capital / CVCA)

Summary

• Quebec recorded $32.2 billion invested across 357 growth capital deals in 2025, the highest amount invested in a year since 2013.p.4
• Quebec accounted for 60% of deals and 56% of amounts invested nationally, and together with Ontario made up 99% of amounts invested.p.4
• Growth transaction amounts jumped by more than 99%, while buyout transaction amounts fell by 92% year on year.p.3
• The largest 2025 deals were Garda World Security Corp. ($14 billion), Innergex Renewable Energy ($10 billion), Heroux-Devtek ($1.35 billion) and Terrion ($1.26 billion).p.4
• Buyouts in 2025 totalled 12 deals worth $321 million.p.9
• Rounds of $5 million or less represent 87% of growth capital deals with disclosed amounts.p.10

Key insights

1. Average amount invested per deal in 2025 was $90 million, placing Quebec second among Canadian provinces behind Ontario.p.5
2. Montreal was the most active region with 105 deals and 17,831 million dollars invested.p.7
3. Industrial and manufacturing led by deal count with 127 deals totalling $2.8 billion, 36% of all growth capital deals in Quebec.p.11
4. The 'other' sector had 2 deals totalling $14 billion, 43% of total amounts invested in Quebec in 2025.p.11
5. 6 of the 10 most active growth capital investors in Canada are based in Quebec.p.13
6. Major metropolitan regions attract 86% of growth capital deals in Quebec, Ontario and British Columbia.p.14
7. 2024 buyout activity was driven by the eStruxture ($1.8 billion) and Plusgrade ($1 billion) deals.p.9