Boulangerie St-Méthode, the second largest producer of sliced bread in Quebec, comes under the control of an American investment firm specializing in the consumer goods industry.
This firm, Swander Pace Capital, confirmed Thursday the acquisition of a “majority stake” in Boulangerie St-Méthode in association with the Caisse de dépôt et placement du Québec (CDPQ) and the firm Partenaires d’Investissement Roynat, a subsidiary of Scotiabank.
Established for 75 years in Adstock, in the Chaudière-Appalaches region, St-Méthode manufactures and distributes its “Récolte de St-Méthode”, “Grains St-Méthode” and “Campagnolo” brand breads to food retailers throughout the country. Quebec and eastern Canada.
The terms of the transaction to take control of the baking company still managed by members of the founding family are not disclosed.
However, this transaction at Boulangerie St-Méthode comes five months after its president, Benoit Faucher, declared his search for new business partners in order to consolidate his market expansion projects following the completion of an investment of 14 million dollars in its bakery factory.
At Swander Pace Capital, the managing director, Tyler Matlock, says he is “delighted to partner with the current management team” of Boulangerie St-Méthode in order to “take advantage of this unique experience both in the food products sector bakery than in the Quebec market.
With its portfolio of US$2.2 billion, Swander Pace Capital is known in the consumer goods industry in Quebec for its previous equity investments in companies such as Liberté (dairy products), as well as Lavo and Recochem in sanitary maintenance products.
“Harmonious transition”
At the management of Boulangerie St-Méthode, president Benoit Faucher indicates that he now intends to “play an advisory role with the management team while ensuring a harmonious transition” with the new controlling shareholders of the company.
PHOTO PATRICE LAROCHE, LE SOLEIL ARCHIVES
The president of the St-Méthode Bakery, Benoit Faucher
According to Mr. Faucher, “these new partners (Swander Pace, CDPQ, Roynat) share our values anchored in our family business culture, as reflected in particular by the maintenance of the current management team and all jobs”.
“For 75 years, Boulangerie St-Méthode has been a major supplier of innovative, high-quality products in its category. With these partners, we are proud to help preserve this tradition of excellence and to help the company accelerate its growth by developing other products and markets,” indicates Benoît Faucher in a joint press release with Swander Pace, CDPQ and Roynat.
At the Caisse de dépôt, Kim Thomassin, first vice-president and head of investments in Quebec, explains this “association with Boulangerie St-Méthode in order to support this prosperous company in the Quebec food sector in its succession process and its development projects. growth in the Canadian and American markets. »
At Roynat Investment Partners, the general director, Catherine Parent, considers that “Boulangerie St-Méthode has a solid management team and several important partners” who will allow it to reach “new heights in the years to come “.