On November 28, 2014, 9027173 Canada Inc., a corporation owned by Richard Verreault and Laurent Verreault, completed the purchase of GLV Inc.'s pulp & paper group for a purchase price of $67 million. The transaction involved a reorganization of GLV's structure to effect a carve-out of the pulp & paper division and was completed through the acquisition of all of the shares of GL&V Canada Inc. The transaction was completed following approval by a independent committee of GLV Inc.'s board and following approval by its shareholders. The acquisition was financed by a syndicate of lenders led by National Bank of Canada, as administrative agent. GL&V Pulp and Paper Group designs and markets equipment used in various stages of pulp and paper production, from pulp preparation to sheet forming and finishing. GL&V serves the global market with spare parts, rebuilds, upgrades and optimization services for new and existing equipment, providing technologies that generate energy and cost savings for customers. The independent committee was represented by team that included Robert Paré, Marie-Josée Neveu and Benjamin Somers.