On February 14, 2024, the HASSLACHER Group acquired a stake in Element5, a mass timber producer based in St. Thomas, Ontario, specializing in modern engineered timber buildings. Element5, employing over 100 people, produces cross-laminated timber and glued laminated timber solutions for North America. This strategic investment by the HASSLACHER Group, a leader in the European timber industry, aims to strengthen and grow its position in the North American market.

Christoph Kulterer, CEO of the HASSLACHER Group, highlighted the strategic importance of this investment, noting that it aligns with their international expansion goals and enhances their North American market presence. Patrick Poulin, President and CEO of Element5, expressed excitement about this new phase, emphasizing the combined expertise and market strength that the partnership brings.

The HASSLACHER Group's investment will fund the start-up of a new glulam production line in addition to the existing cross-laminated timber line in St. Thomas, Ontario. This expansion will create a high-performance production site with an annual mass timber production capacity of up to 100,000 m³, expected to be fully operational by the first half of 2025. Post-expansion, Element5 will employ over 200 people. Legal advisors for this transaction were Bennett Jones LLP for HASSLACHER Group and Stikeman Elliott LLP for Kensington Capital Partners/Element5 Limited Partnership.