$55M Investment in La Coop fédérée by Fondaction CSN, Fonds de solidarité FTQ and Capital régional et coopératif Desjardins (CRCD)
MONTREAL, Dec. 5, 2013 /CNW Telbec/ - La Coop fédérée announced today that Fondaction CSN, Fonds de solidarité FTQ and Capital régional et coopératif Desjardins (CRCD) will invest $55 million in the organization.
Fondaction CSN and Fonds de solidarité FTQ will invest $25 million each in preferred shares, while Capital régional et coopératif Desjardins (CRCD) will acquire $5 million in preferred shares and convert $6 million of existing debt into preferred shares as well. The amounts invested will be used to help La Coop fédérée grow, notably through acquisitions.
"Once again, our financial partners have demonstrated their confidence in us, for which we are thankful. We are particularly pleased with the contribution by Fondaction CSN which becomes one of our privileged partners along with the Fonds de solidarité FTQ and Desjardins", said Claude Lafleur, CEO for La Coop fédérée.
"La Coop fédérée is one of the most important cooperatives in Québec, a major player in the economy and a leader in sustainable development. All this lines up with the mission of Fondaction CSN and it is with great pride that we can now count them amongst our partners", noted Léopold Beaulieu, President & General Manager of Fondaction CSN.
"With this new investment, the Fonds de solidarité FTQ is proud to reaffirm its support for La Coop fédérée. With tens of thousands of members and cooperatives located in every corner of Québec, La Coop plays an important role as economic engine for our regions and is an indispensible ally for SMEs in the agri-food sector", added Yvon Bolduc, President & CEO of the Fonds de solidarité FTQ.
"Supporting the growth of cooperatives here in Québec is part of our DNA, as evidenced by our ongoing partnership with La Coop fédérée. We are particularly pleased to be able to team up with this jewel of the economy which generates and distributes wealth all across the regions", stated Marie-Claude Boisvert, CEO for Desjardins Entreprises, Capital régional et coopératif.
About La Coop fédérée
Founded in 1922, La Coop fédérée is the largest agri-food enterprise in Québec and ranks amongst the 100 largest co-operatives and mutual societies in the world, across all sectors. It is owned by over 100,000 members grouped into 102 cooperatives located in several Canadian provinces. La Coop fédérée is present throughout the agri-food chain and, as well as being a wholesaler, it also provides agricultural producers with all the goods and services they require for their farming operations. The network has five brands: Elite and La Coop (animal and crop production, grain marketing), Unimat (hardware and farm machinery), Sonic (energy) and Olymel (meat processing). La Coop fédérée employs over 9,500 people with sales totaling over $5 billion. Including its affiliated network, La Coop fédérée employs almost 15,500 people with sales of $7.8 billion. www.lacoop.coop and twitter.com/LaCoop_federee.
About Fondaction CSN
Fondaction invests in SMEs in Québec in order to contribute to the maintenance and creation of jobs, all within a perspective of sustainable development. It manages assets of $1.03 billion made up of retirement savings from 120,000 shareholders. Through its investments or commitments, whether directly or by way of partnerships or specialized funds, Fondaction supports the development of over 850 SMEs in Québec, with a large number making up different components of the social economy sector. www.fondaction.com
About Fonds de Solidarité FTQ
Created in 1983, the Fonds de solidarité FTQ has been driving the Québec economy for 30 years. With net assets of $9.3 billion as at May 31, 2013, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in 2,395 companies. With 615,664 shareholders-savers, the Fonds helps create, maintain or protect 170,915 jobs. For more information, visit www.FondsFTQ.com.
About Capital régional et coopératif Desjardins
With over 104,000 shareholders and $1.473 billion in net assets, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. The enterprise contributes to Québec's economic development using several levers developed with its parent company, with CRCD as the driving force. These levers form CRCD's entrepreneurial ecosystem designed to value and nurture the best of Québec entrepreneurship. Directly or indirectly through its ecosystem, CRCD supports the growth of over 390 companies, cooperatives and funds in various industries spanning all regions of Québec. (capitalregional.com)
SOURCE La Coop fédéréeFor further information:
Suzanne La Ferrière, Communications Coordinator
Capital régional et coopératif Desjardins (CRCD)
Advisor, Media Relations
418-835-8444 ou 1-866-835-8444, ext 3163