- NBPI’s investment will support Congebec’s growth plan
- Congebec’s management team remain the majority shareholders
- The company has facilities across five Canadian provinces: Quebec, Ontario, Manitoba, Saskatchewan and Alberta
National Private Bank Investment (NPBI) has made a growth investment in Quebec City-based Congebec, a company specializing in food refrigeration, transformation and logistics. No financial terms were disclosed.
Congebec was founded in 1974 and currently employs more than 500 people. It has facilities across five Canadian provinces: Quebec, Ontario, Manitoba, Saskatchewan and Alberta. It offers clients solutions that optimize their food supply chains, providing multi-temperature storage, transportation, co-packing, logistics management and other services.
“We want to accelerate our growth within Canada and internationally,” said Nicholas Pedneault, president and CEO of Congebec. “The support of a major new partner like NBPI will allow us to make a firm commitment to our growth and reinforce our support for companies in the food sector by offering them integrated solutions.”
“The past few years have highlighted the importance of food autonomy and security,” said Luc Ménard, executive vice-president, managing director and head of private investments at National Bank. “Businesses in the food sector are an economic driver for numerous regions, in addition to being a key component of society. NBPI has the resources and expertise needed to support the ambitions of business owners in creating value for society, and we are proud of our contribution.”
NBPI is the private investment arm of Montreal-headquartered National Bank of Canada and manages the National Bank SME Growth Fund. National Bank had C$370 billion in assets as of April.