CIF Metal secures funding

Fonds de solidarité FTQ and Investissement Québec have invested in Thetford Mines, Quebec-based CIF Metal, a foundry specializing in mid- to large-volume aluminium casting. No financial terms were disclosed. Desjardins Capital is an existing investor in CIF Metal.

PRESS RELEASE

Thetford Mines, March 5, 2020 – Founded in 1987 in Thetford Mines, CIF Metal is a foundry specializing in mid- to large-volume aluminium casting. Using permanent and semi-permanent molds, designed and manufactured on site, the company has become a leading provider in North America of aluminium castings used for robotics, power transmission, HVAC systems, urban furniture, heavy and urban transportation, medical equipment and recreational vehicles. ISO 9001:2015 accredited, CIF Metal boasts world-class original equipment manufacturers (OEM) as clients in Canada, the U.S., Brazil, Italy, Ireland, Mexico, India and Germany.

To support the growth of CIF Metal, Fonds de solidarité FTQ and Investissement Québec are now company shareholders. Already a partner of the company since 2005, Desjardins Capital will continue to be a shareholder as part of this transaction.

“Thanks to the confidence of Fonds de solidarité FTQ, Investissement Québec and Desjardins Capital have placed in us and thanks to the dedication of our employees, CIF Metal will now be able to ensure its future and growth right here in Thetford Mines where the company got its start,” said CIF Metal President and CEO Jean Marcoux.

For Gilles Poulin, Investment Vice-President, Aerospace, Infrastructure and Transport at Fonds de solidarité FTQ: “We’re proud to partner with CIF Metal, a model of innovation in the secondary and tertiary transformation of aluminium and a prominent company in the Thetford Mines region.”

“Investissement Québec is proud to play a role in helping to keep right here in Québec – and reinforce – a company that is a North American leader in aluminium casting, and that is known for its expertise and quality parts. This investment attests to the commitment and ability of Investissement Québec to support local strategic companies and create wealth in all regions of Québec,” said Investissement Québec President and CEO Guy LeBlanc.

“A partner of CIF Metal for the past 15 years, we’re pleased to partner with new shareholders to ensure Québec ownership of this manufacturing flagship of Chaudière-Appalaches,” said Desjardins Capital CEO Luc Ménard.

The transaction details are not publicly disclosed.

About the Fonds de solidarité FTQ
Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $16.7 billion in net assets as at November 30, 2019, the Fonds has helped create and protect more than 215,000 jobs. The Fonds has 3,100 partner companies and more than 700,000 shareholders-savers.

About Investissement Québec
The mission of Investissement Québec is to participate actively in Québec’s economic development by stimulating business innovation, entrepreneurship and the growth of exports and investment in every region of Québec. The Corporation provides enterprises and entrepreneurs with support services, including technology-based measures, as well as adapted financial solutions and investments. Through its Investissement Québec International division, the Corporation assists enterprises with exports and prospects for foreign investments.

About Desjardins Capital
With nearly 45 years of expertise, Desjardins Capital aims to nurture, support and keep SMEs in Québec. With $2.6 billion in assets under management, Desjardins Capital helps ensure the future of some 530 companies, cooperatives and funds in various sectors and in all the regions of Québec. In addition to helping create and maintain more than 80,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network that supports business growth. For more information, visit our Website or our LinkedIn page.