Canadian pension fund manager the Caisse de dépôt et placement du Québec and the Business Development Bank of Canada (BDC) have together invested $17.5 million in Sunchef Foods Inc. The Caisse is contributing $10 million to the deal, while BDC is contributing $7.5 million. Founded in 1996, the Montréal-based company is focused on the chicken processing industry. Investment proceeds will assist Sunchef in completing its Anjou plant expansion and diversifying its product lines for the retail and food services markets.
La Caisse de dépôt et placement du Québec and the Business Development Bank of Canada invest $17.5 million in Québec’s Sunchef Foods
MONTREAL, Dec. 20, 2013 /CNW Telbec/ – La Caisse de dépôt et placement du Québec and the Business Development Bank of Canada announced a joint investment of $17.5 million in Sunchef Foods Inc., a major player in Québec’s chicken processing industry. La Caisse is investing a total of $10 million, while BDC is investing $7.5 million.
This financing will enable Sunchef to complete phase three of its Anjou plant expansion and diversify its products. Once the expansion is complete, Sunchef intends to launch new product lines intended for the retail and food services markets.
“As a long-term investor, it is critical that we support successful Québec companies at key points in their growth,” said Normand Provost, Executive Vice-President, Private Equity, at La Caisse. “Since we made our first investment back in 2006, the company has grown at a fast pace, creating attractive returns for our clients.” La Caisse has contributed financially to each phase of the Sunchef plant expansion.
“BDC is pleased to be a part of Sunchef Foods’ expansion plans, which will pave the way for new, innovative products to be developed and help create jobs,” said Christian Thauvette, Manager, Major Accounts, Food and Beverage Industry at BDC. “This financial package is the result of an outstanding collaborative effort by the Sunchef, BDC and Caisse de dépôt et placement du Québec teams.”
“We are very pleased to continue our long-standing collaboration with La Caisse de dépôt et placement du Québec, and look forward to the Business Development Bank of Canada becoming a new financial partner,” said Terry Eliopoulos Jr., Sunchef’s President and Chief Executive Officer. “Their interest in supporting the growth of Québec SMEs is seen in both institutions’ commitment to our company.”
ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
La Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at June 30, 2013, it held $185.9 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity, infrastructure and real estate globally. For more information: www.lacaisse.com.
ABOUT THE BUSINESS DEVELOPMENT BANK OF CANADA
Canada’s business development bank, BDC, puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers financing, subordinate financing, venture capital and consulting services to more than 28,000 small and medium-sized companies. Their success is vital to Canada’s economic prosperity. www.bdc.ca
SOURCE Caisse de dépôt et placement du Québec
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