The Crown corporation Investissement Québec and the Solidarity Fund are joining forces with Stephen Bronfman’s Claridge investment company to create a specialized fund that will invest in food processing companies in Quebec.
Posted at 4:41 p.m.
This planned new fund of $100 million will acquire minority or majority equity stakes in “innovative food processing companies with a view to transforming them into North American leaders, adding value to all stages of their development. »
Of the 100 million provided for in this fund, which will be managed by Claridge, a share of 35 million comes from Investissement Québec and another share of 22.5 million comes from the Solidarity Fund.
At Claridge, this interest in the food industry is explained by the continuity of investments totaling more than 400 million that have been made in a dozen companies in this sector in North America over the past 20 years.
“We want to invest together in high-quality companies to become active partners and support them in the implementation of their growth strategies,” said Pierre Boivin, President and CEO of Claridge.
The management of this investment fund will be led by Ludovic Dumas, vice-president of direct investments at Claridge, and his assistant Bob Leonidas. According to Claridge, this duo has “several decades of experience in investment and management of food processing companies in Quebec, Canada and internationally. »
At Investissement Québec, CEO Guy LeBlanc indicates in a press release that the government corporation is “proud to have enabled the creation of this new innovative financing tool which aims to propel the growth of key players in the food processing sector of here. We recognize the strategic role of this industry for its impact on the economic development of Quebec and its regions, and its essential contribution to our food self-sufficiency. »
At the Solidarity Fund, the President and Chief Executive Officer, Janie C. Béïque, points out that “this new partnership will improve access to long-term financing for the Quebec food processing sector”; a sector in which the Fund says it has invested 1.3 billion since its inception.
“Companies in this strategic industry for the Quebec economy will thus be able to count on the patient capital and support necessary to ensure their growth in a rapidly changing market,” according to Ms.me Beic.