Fonds de solidarité FTQ buys minority stake in Groupe Crête

Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Laurentides have acquired a minority state in Groupe Crête, a family-owned forestry business based in Quebec's Lanaudière and Laurentian regions.

Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Laurentides have acquired a minority state in Groupe Crête, a family-owned forestry business based in Quebec’s Lanaudière and Laurentian regions. No financial terms were disclosed. The company operates two plants, Groupe Crête Chertsey and Groupe Crête division St-Faustin.

PRESS RELEASE

SAINT-FAUSTIN-LAC-CARRÉ, QC, Oct. 20, 2021 /CNW Telbec/ – In order to support the growth of Groupe Crête, the Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Laurentides are acquiring a stake in the family-owned forestry business founded in 1949.

Groupe Crête is an uncontested leader in the transformation of lumber into value-added products. The company operates two plants, Groupe Crête Chertsey Inc. and Groupe Crête division St-Faustin Inc. A major economic driver, the company supports over 325 direct and indirect jobs in the Lanaudière and Laurentian regions. Although its products are sold mainly Québec, they are also available in Ontario and the United States.

By being FSC® (Forest Stewardship Council®) certified, Groupe Crête is committed to allowing Québec’s forests to regenerate and continue to play their role as the ‘lungs of the planet’. FSC® certification is an international certification and labeling system dedicated to promoting responsible management of the world’s forests. This means that forests are assessed against stringent FSC® environmental and social standards.

“The arrival of the Fonds de solidarité FTQ and Fonds régionaux de solidarité FTQ as shareholders in Groupe Crête is very good news for all our employees. We have a shared interest in supporting the company’s growth. The Fonds knows the forestry sector very well and its financial capabilities will be an asset for our organization and its future development,” said Sébastien Crête, President of Groupe Crête.

Julie Morand, Vice-President, Investments, Industries, at the Fonds de solidarité FTQ, said: “With expertise built over 70 years and investments in modern plants, Groupe Crête is well positioned for the future. The FSC® certification speaks to the company’s commitment to responsible forest management.”

Éric Dargis, Regional Vice-President of the Fonds régionaux de solidarité FTQ for the Laurentians, Lanaudière and Laval, added: “Groupe Crête has been an important player in Québec’s forestry industry since 1949. We are proud to invest in the growth of the Saint-Faustin-Lac-Carré and Chertsey company, to support its workers, and to participate in regional economic development.”

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 723,501 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.2 billion in net assets as at May 31, 2021, the Fonds has supported 3,437 partner companies and 247,612 jobs.

About the Fonds régionaux de solidarité FTQ
Celebrating their 25th anniversary this year, the Fonds régionaux de solidarité FTQ help further regional economic development in Québec by channelling the savings of 723,501 Quebecers into local investments. The Fonds régionaux have invested $1.15 billion in 1,500 companies since their inception in 1996, supporting nearly 55,500 jobs