Capital régional et coopératif Desjardins facilitates the transfer of the ownership of A. & D. Prevost Inc. to a new generation of shareholders

190 jobs secured in Richelieu, Montérégie

MONTREAL, Feb. 22 /CNW Telbec/ - Capital régional et coopératif Desjardins (CRCD) today announced an investment of $30 million in A. & D. Prevost Inc., a North American leader in the field of architectural aluminum. This investment provides the opportunity for a new generation of management to become owners of the Company that employs close to 190 workers in Richelieu, Montérégie, and makes CRCD the majority shareholder.

CRCD is creating a long-term partnership with A. & D. Prevost Inc.'s youngest executives, Paul Laurin and Bernard Harvey, to help them give renewed drive to this regional flagship founded over 50 years ago.

For Marie-Claude Boisvert, COO of Desjardins Venture Capital, CRCD's manager, the "Desjardins-specialty" transfer spotlights the importance of supporting entrepreneurs who want to participate concretely in Québec's sustainable prosperity. "CRCD performs its strategic role by supporting entrepreneurs who understand the need for continuity of Québec businesses. Our partnership with the executives at A. & D. Prevost Inc. is a perfect example. We share the same business vision and values, namely to keep SMEs in the regions where they began and grew."

A. & D. Prevost Inc. President, Jonathan H. Cowen, says he is very happy with this new partnership. "We're very proud to partner with an institution that will ensure operations and jobs are maintained here in Richelieu. Desjardins supports growing, forward-looking businesses, which is extremely reassuring for our employees, our clients and our suppliers. A. & D. Prevost Inc. employees responded very enthusiastically when they received the news about the Desjardins partnership recently."

The desire to stay in Québec

A. & D. Prevost Inc.'s current senior executives, Jonathan H. Cowen, Réal Néron, Paul Laurin and Bernard Harvey, consider that saving nearly 190 quality jobs in Richelieu was far more advantageous than the prospect of seeing the company pass into the hands of a U.S. competitor.

"We had an offer on the table that was very attractive financially but there was no guarantee for the future of A. & D. Prevost Inc. in Richelieu. For us, keeping jobs in our city was clearly a fundamental element of the deal," said Jonathan H. Cowen, adding that the management team's strong concern for the community's social fibre also led to the decision to partner with Capital régional et coopératif Desjardins.

"With Desjardins, the game plan is different. Their mission is to support the best businesses in Québec, and we have the best assurance that A. & D. Prevost Inc. will continue its Richelieu operations. And, the institution has the know-how and financial capacity to focus on our company's growth in the years to come. It's a winning situation on every level," adds Mr. Cowen. 

About A. & D. Prevost Inc.

Founded in Richelieu in 1959, A. & D. Prevost Inc. has built a reputation for excellence thanks to high performance products offered in a complete line of windows, doors, entrances and storefronts, curtain walls and skylights, as well as an aluminum anodizing service for industrial, commercial and institutional products. The Company's modern, state-of-the-art anodizing facilities guarantee its clients a superior quality finish. A. & D. Prevost Inc. works in collaboration with architects and customers to develop innovative designs that allow flexibility and creativity for all types of projects. The Company's success and strength lie in the desire of its team to deliver effective results. Our ISO 9001 certification reflects the active participation of all employees in the quality process. A. & D. Prevost Inc. employees have always shown the will, dynamism and determination to make large-scale projects take shape in Canada and around the world.

About Capital régional et coopératif Desjardins

Founded in 2001, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. With over 111,000 shareholders, the Company contributes to Québec's economic development while driving the growth of cooperatives and the resource regions. Capital régional et coopératif Desjardins currently supports more than 230 companies, cooperatives and funds in various industries spanning all Québec regions. (www.capitalregional.com)

SOURCE CAPITAL REGIONAL ET COOPERATIF DESJARDINS

For further information:

(for journalists only):
Nathalie Genest
Capital régional et coopératif Desjardins
514-281-7275 - 1-866-866-7000, ext. 7275
nathalie.genest@desjardins.com

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CAPITAL REGIONAL ET COOPERATIF DESJARDINS

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