1995677 Ontario Inc. (formerly known as Deslaurier Custom Cabinets Inc.), NOI

1995677 Ontario Inc. (formerly known as Deslaurier Custom Cabinets Inc.), a leader in the cabinetry industry and one of the largest employers in the Town of Renfrew, Ontario, with 130 employees, filed an NOI on January 16.

The company lists approximately $14.3 million in liabilities, including $3.5 million to RBC and $2.9 million to BDC.

The company was impacted by post-pandemic supply chain disruptions, inflation-driven price increases and labour shortages within the manufacturing and construction industries. Market slowdowns also caused the company’s sales to fall to half their previous volumes in Q4 2023, and they have since only recovered to 60%.

Prior to the NOI filing, the company conducted an extensive private sale and marketing process which resulted in a number of near transactions with a few potential investors and buyers. However, none of these transactions ever materialized. Subsequently, management, through a related company, entered into an asset purchase agreement with the company in early December 2024. The agreement has the support of the company’s secured creditors, RBC and BDC. 

Raymond Chabot is the proposal trustee.