The president of a construction business died Monday night after he was reportedly beaten in his home near Salaberry-de-Valleyfield, Que.

Police believe two suspects tied up Serge Loiselle, 57, and his wife at their home around 9 p.m. ET Monday.

Sgt. Geneviève Bruneau with the Quebec provincial police said the couple was later taken to hospital, where the man died of his injuries.

"The investigation is ongoing," Bruneau said, "And for now, according to the initial reports, the investigation leads us to believe that the most likely hypothesis until now could be theft."

Loiselle's wife was seriously injured in the attack, but police said her life is not in danger.

Serge Loiselle's brother, Normand Loiselle, told CBC News the couple interrupted a robbery at their home. He said the suspects beat the couple with the butt of a rifle.

Police are still searching for two suspects. They hope security camera footage from in and around the Loiselle's home will provide more information.

Anouk Lemieux lives down the street from the Loiselle home and said the attack sent a chill through the neighbourhood.

"The theft and the attack — it's something you never expect to happen on your street or in your neighbourhood," she said.

Serge Loiselle was president of Ali Excavation, based in Salaberry-de-Valleyfield.