Fonds de solidarité FTQ invests in growth of Chocmod Canada

The Fonds de solidarité FTQ has made an investment in the Canadian subsidiary of France’s Chocmod, a global manufacturer and distributor of cocoa truffles. The deal, the financial terms of which were not released, provided the Fonds will a minority stake in the business. Its investment, supported by a loan from National Bank of Canada, will help finance Chocmod’s continued growth in North America from its base in Saint-Jean-sur-Richelieu, Québec. The company’s plant in Saint-Jean-sur-Richelieu was opened in 2011 and exports truffle products to the United States.

PRESS RELEASE

Chocmod Canada Continues Its Long-Term Growth in Québec

Highlights

Company founders welcome their first outside shareholder, the Fonds de solidarité FTQ
New loan granted by National Bank
40 jobs created since the company’s launch in 2011

ST-JEAN-SUR-RICHELIEU, QC, April 18, 2017 /CNW Telbec/ – Founded in 1948, Chocmod is a French company specializing in the confection of French cocoa truffles. After its acquisition by Ghislain Lesaffre and Antoine Fortin in 2008, the company set its sights on the Canadian, U.S. and Mexican markets. The new owners chose St-Jean-sur-Richelieu as the location for their North American plant, which opened its doors in April 2011.

To further their company’s growth, Messrs. Lesaffre and Fortin are bringing in an outside shareholder for the first time, the Fonds de solidarité FTQ, which will acquire a minority stake, and are obtaining a new loan from National Bank, Chocmod’s partner since 2011.

Chocmod’s cutting-edge plant is the only French cocoa truffle confectionary in North America. The company namely makes Truffettes de France products.

The company, which has 40 employees at its Montérégie facilities, is now successfully exporting its Québec-made products all across the U.S. Previously, the products were imported from Europe.

Quotes

“Québec was a natural choice for Chocmod’s North American development. Being close to the U.S. border gives us access to a very important market, and the fact that France and Québec share a common language facilitates communication between our two plants. Now, with the new investments of the Fonds de solidarité FTQ and National Bank, we have the means to continue growing here in Québec.”
Ghislain Lesaffre
President
Chocmod Canada

“With its proximity to large markets, Québec is a strategic choice for agrifood companies looking to break into North America. Thanks to its artisanal know-how and cutting-edge industrial processes, Chocmod Canada continues to make a name for itself with the large chains and consumers.”
Janie Béïque
Senior Vice-President, Industries, Entertainment and Consumer Goods
Fonds de solidarité FTQ

“National Bank has proudly supported Chocmod in building its business in Québec from the early stages and throughout its various development phases. With its growth-oriented business model and passionate team, Chocmod has everything it needs to reach great heights.”
Patrick Lemelin
Vice-President, Agriculture and Agri-food
National Bank

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at November 30, 2016, the organization had $12.2 billion in net assets, and through its current portfolio of investments has helped create and protect over 187,000 jobs. The Fonds is a partner in more than 2,600 companies and has nearly 618,000 shareholder-savers. fondsftq.com

About National Bank of Canada
With $234 billion in assets as at January 31, 2017, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has more than 21,000 employees and is widely recognized as a top employer. The Bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

For further information: Contact information for reporters and other representatives of the media: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile: 514 703-5587, Email: pmcquilken@fondsftq.com; Marie-Pierre Jodoin, Senior Manager, Public Affairs, National Bank, Phone: 514 394-4209, Email: mariepierre.jodoin@bnc.ca

Photo courtesy of Chocmod