The Caisse de depot et placement du Quebec (CDPQ) and the Solidarity Fund QFL have entered into exclusive discussions with the Bonduelle Group with a view to acquiring a stake in its North American activities, the French company announced on Tuesday.
The negotiations relate to the acquisition of a 65% stake in the processor and trader of canned and frozen vegetables Bonduelle Americas Long Life (BALL), which the two Quebec institutional investors would share equally. BALL, which notably owns the Arctic Gardens and Del Monte trademarks, distributes its products for the retail trade and restaurants in the United States and Canada.
The total value of BALL is estimated at around $850 million, Bonduelle said in a press release, and its turnover reached $943 million in the 2020-2021 financial year.
After the transaction, BALL’s head office would be located in Brossard, indicated the first vice-president and head of Quebec for the CDPQ, Kim Thomassin, stressing that the company would continue its expansion plan to consolidate its position in Canada and further develop the US market.
The transaction could be concluded a few weeks after the deadline required for the exchange of information, subject to obtaining the green light from the regulatory authorities, added Bonduelle.
The Bonduelle Group announced in September that it was beginning a strategic review of its activities, in particular those of BALL. The operation should allow the group to continue its activities by focusing on its “strategic priorities” and on its “ambition of sustainable growth with a positive impact”.
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