Many would say that you have to be a bit crazy to buy a company that is on the verge of bankruptcy. Where some see a danger, others, like Nicolas Nassr, see a golden opportunity. With this in mind, in 2013 he acquired Finition Ultraspec, an SME from Saint-Laurent that was in serious financial difficulties and had no successor.
This decision was anything but impulsive. Nicolas Nassr, a certified public accountant (CPA) and former banker, had a clear vision that went far beyond the company’s precarious situation and specialized in the surface treatment of metal parts for the aerospace, defense and transportation industries.
“The location was his biggest advantage,” says Nicolas Nassr. Ultraspec is located in the heart of an industrial park in Saint-Laurent and close to its main markets. “There was also an opportunity to diversify services. “I wanted to create an integrated service center for our customers,” he adds.
This transaction was also in response to a challenge he faced at Anodization Verdun, another company he had acquired several years earlier. The latter was in the middle of a residential area and offered a unique service that limited its growth. “With Ultraspec I was able to centralize all services in one place,” explains the entrepreneur.
This strategic merger was just the beginning of the transformation of Ultraspec, which had around fifteen employees at the time of the acquisition. Nicolas Nassr quickly set about building an experienced management team and increasing headcount to maintain operations and support growth. In addition, new services were added, including machining of metal parts for landing gear.
“We were able to tap into a new customer base. Today, Ultraspec counts major manufacturers such as Héroux-Devtek, Boeing, Airbus and SpaceX among its customers,” he explains.
He also modernized the SME by equipping it with the latest equipment. The factory has also undergone some expansions to reach a current footprint of 32,000 square feet.
Nicolas Nassr had another ambition. In 2014, he founded a second company, Montréal Aluminum Solutions, with which he can serve a new group of customers. The Dorval-based company provides anodizing and coloring services for architectural aluminum parts. The company, which has 75 employees, quickly established itself in its market and counted companies such as Amazon and Apple among its customers, the entrepreneur boasts.
Preserve and create jobs
Nicolas Nassr has managed to transform a failing company into one that is making a name for itself in top industries. This is one of his great prides, the other is that he can count on the presence of employees who have been there since the beginning of the takeover and are now part of the management team.
“That is the power of entrepreneurship: it allows us to maintain and create jobs and help people develop professionally. It is a great pleasure for me to have contributed to improving the lives of my employees,” emphasizes the entrepreneur of Syrian origin, who came to Quebec with his parents at the age of 17.
Despite her successes, her journey was not without challenges. He had to work hard to find the necessary financing to take over Ultraspec as financiers were skeptical about the SME’s recovery. However, previous success with Anodization Verdun worked in his favor. “The financiers believed in me,” he says.
What made him leave an interesting career in financial services and become an entrepreneur? “I still wonder that,” he says with a laugh. I’ve been toying with this idea since I was a student. To start a business, you must be attracted to challenges and enjoy starting and growing a business. Only those who have the passion and determination to succeed will get there.”
Ultraspec finish
Date founded: 1985
Activities: industrial processing of metal parts
Partner: Nicolas Nassr
Number of employees: 115
Can you share information about this story?
Write to us or call us directly at 1 800-63SCOOP.