Hasslacher Group enters North American market with investment in Element5

From left to right: Tom Kennedy, chairman and founder of Kensington Capital; Patrick Poulin, president and CEO of Element5; Christoph Kulterer, CEO and owner of Hasslacher Group (Image: Hasslacher Group)

The Hasslacher Group has announced they will be acquiring a stake in Element5, a mass timber producer specialising in the design, manufacture and assembly of modern engineered timber buildings.

Based near Toronto, Canada, the company employs over 100 people and produces cross-laminated timber (CLT) and glued laminated timber (glulam) for the North American market.

This acquisition is the Hasslacher Group’s step towards entering the North American market.

“Rapidly growing from a greenfield site four years ago into one of a few major certified mass timber producers in North America, we and our private equity investment partner Kensington Capital Partners are incredibly excited about this next phase of Element5’s journey,” said Patrick Poulin, president and CEO of Element5.

“Hasslacher’s strength in the global marketplace, its technology, and its very experienced team joined together with Element5 will drive a significant acceleration in our business. The ultimate complement of our mass timber product lines and services will be unmatched in North America.”

Christoph Kulterer, CEO and owner of the Hasslacher Group, also commented: “With our strategic investment in Element5, we are consistently pursuing our path of internationalisation. We have been present in the North American market with our mass timber construction products for more than eight years, where we also see the potential for significant future growth.

“Together with Element5, we can now offer the North American market the entire Hasslacher portfolio with shorter delivery times, greater capacity, and a full spectrum of engineering expertise.”

The Hasslacher Group is said to be the “first” European company to invest in the development and expansion of mass timber production capacity in the North American market, as claimed by the group.

In addition to the existing CLT line in St Thomas, the Hasslacher Group investment will fund the start-up of a new glulam line, allowing Element5 to produce a full range of machined glulam beams, columns, and assemblies.

This new facility is slated with a mass timber production capacity of up to 100,000m³ annually, which will go into full operation in the first half of 2025. Following the expansion, Element5 will employ around 200 people.