The Caisse de dépôt et placement du Québec (CDPQ) has invested $28.3 million in Spectra Premium Industries Inc as part of a transfer of share ownership in the company. CDPQ was joined in the deal by Fondaction CSN, which invested $15 million. The Fonds de solidarité FTQ, Spectra’s lead investor, also contributed $2 million. As a result, Jacques Mombleau, who heads the company, remains a shareholder, while Spectra vice presidents become shareholders. Boucherville, Québec-based Spectra is an automotive parts manufacturer and distributor. It is also backed by Capital régional et coopératif Desjardins.
La Caisse invests in Spectra Premium to reorganize the share ownership, in partnership with Fondaction CSN and the Fonds de solidarité FTQ
MONTRÉAL, April 19, 2016 /CNW Telbec/ – As part of a purchase of certain shareholders’ stakes led by Caisse de dépôt et placement du Québec (CDPQ), la Caisse, Fondaction CSN and the Fonds de solidarité FTQ today announced the acquisition of an equity interest in Spectra Premium Industries. La Caisse invested $28.3 million, while Fondaction invested $15 million. The Fonds de solidarité FTQ, main shareholder of Spectra Premium, injected an additional $2 million into the Boucherville company. Jacques Mombleau, President and Chief Executive Officer of Spectra Premium, remains a shareholder of the company. The vice-presidents, who are investing as part of the reorganization, also become shareholders.
Spectra Premium is a North American leader in the design, manufacturing and distribution of automotive components for the aftermarket, in addition to leading the North American industry in the design, engineering, development and manufacturing of fuel systems for plug-in hybrid vehicles for automobile manufacturers.
According to Christian Dubé, Executive Vice-President, Québec, at la Caisse, “The team at Spectra Premium has always focused on innovative solutions in order to grow and develop new markets. It has also succeeded in refining the company’s product offering and adapting it to the increasing number of hybrid vehicles on our roads. This investment meets our objective to further the long-term development of Québec businesses, while facilitating a transfer in the company’s share ownership.”
“Fondaction is pleased to participate in this transaction and to work with Spectra Premium, which showed innovation in choosing to manufacture original automotive products, most notably for hybrid vehicles. Fondaction’s contribution will also ensure that sustainable and quality jobs stay in Québec,” said Geneviève Morin, Chief Investment Officer of Fondaction CSN.
“This reinvestment by the Fonds in Spectra Premium shows our willingness to strengthen Québec-based manufacturing landmarks, and ensure their sustainability,” said Normand Chouinard, Executive Vice-President, Investments of the Fonds de solidarité FTQ.
“I am very pleased with this transaction, which allows us to retain entire ownership of the company within Québec,” stated Jacques Mombleau, President and Chief Executive Officer of Spectra Premium. “We have solid partners in Caisse de dépôt et placement du Québec and Fondaction as well as in the Fonds de solidarité FTQ and Capital régional et coopératif Desjardins, which have been shareholders in the company for nine years, and these partnerships will enable us to continue our rapid expansion in North America and in global markets,” he said.
“I wish to personally thank Denis Poirier, Executive Vice-President and Chief Financial Officer, and Placide Poulin and Groupe Camada Inc., board members and outgoing shareholders of the company, for their major contribution to the growth and success of Spectra Premium over the past 20 years,” added Mr. Mombleau.
Spectra Premium owns four manufacturing plants and 17 warehouses, with a staff of more than 1,300 employees, the majority of whom work in Québec.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2015, it held $248.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
ABOUT FONDACTION CSN
Fondaction manages assets of close to $1.4 billion in retirement savings from more than 128,000 shareholders. Through its investments or its commitments, made either directly or through its partner or specialized funds, Fondaction supports the development of over 950 SMEs that make a distinctive contribution to Québec’s social and economic development, including a number of social economy enterprises.
ABOUT THE FONDS DE SOLIDATRITÉ FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.2 billion as of November 30, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds de solidarité FTQ is a partner, either directly or through its network members, in more than 2,550 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.fondsftq.com.
ABOUT SPECTRA PREMIUM
Spectra Premium, headquartered in Boucherville, is a North American leader in the design, manufacturing, distribution and sale of replacement parts and components for the aftermarket for motor vehicles and recreational vehicles and light and heavy-duty trucks. Spectra Premium is also known for the engineering, development and sale of fuel systems of motor vehicles and light trucks, particularly as a North American leader of such systems for plug-in hybrid vehicles, for the original equipment sector. Spectra also designs, manufactures and distributes tooling for automobile manufacturers. Spectra Premium sells and distributes its products in the United States, Canada, Mexico and on international markets and has operations in Canada, the United States, China and Taiwan.
SOURCE Caisse de dépôt et placement du Québec
For further information: Caisse de dépôt et placement du Québec: JEAN-BENOÎT HOUDE, Senior Advisor, Media Relations, +1 514 847-5493, email@example.com; FONDACTION CSN: ISABELLE MONETTE, Manager, Media Relations, +1 514 503-4169, Isabelle.firstname.lastname@example.org, Fonds de solidatrité FTQ: PATRICK MCQUILKEN, Manager, Media Relations, +1 514 503-4169, email@example.com; Spectra Premium: NICOLAS J. BEUGNOT, Vice-President, Legal Affairs and Corporate Secretary, +1 450 641-3656 Ext. 2217, firstname.lastname@example.org
Photo courtesy of Spectra Premium Industries Inc