Investment in Courchesne Larose Group by Sagard Private Equity Canada
This investment will propel the company to a leading position in the distribution of fresh fruits and vegetables across Canada
MONTREAL, Dec. 20, 2022 /CNW Telbec/ - Courchesne Larose Ltd. ("Courchesne Larose Group"), a leader in the Canadian fresh fruit and vegetable industry, is proud to announce a significant investment in its share capital by Sagard Private Equity Canada ("Sagard PE"), Sagard's Canadian mid–market private equity fund, to accelerate its expansion and remain ahead of the curve.
In conjunction with the shareholders of the 3rd and 4th generations of the Routhier Monette family, as well as the management team at the Courchesne Larose Group, Sagard PE is joined in the investment by Fondaction and Roynat Equity Partners. The Courchesne Larose Group includes Aliments Bercy, Krops Imports, Marcan Packaging, Dynapro Transport, Maroc Fruit Overseas Company and Green Earth Produce Trading.
"There is a strong fit between Sagard's reputation and profile, and the entrepreneurial culture within the Courchesne Larose family. In addition, we appreciate the extensive network and investment horizon of the Sagard team. We are extremely grateful for the loyalty and hard work of the 600 employees who are part of the Courchesne Larose family. We will ensure that the family culture that has served us so well remains the foundation of our business strategy and our success, and together, we will continue to manage the company's growth, as my father and grandfather did, and as we have done, for more than a century," stated Alain Routhier, Co–president of the Courchesne Larose Group.
"We are proud to partner with the Routhier Monette family and their history of continuous growth dating back over 100 years, a truly impressive track record. This collaboration will have a positive impact for all of the Courchesne Larose Group's stakeholders, including its employees, customers and suppliers," added Marie-Claude Boisvert, Partner and Head of Sagard PE.
"We are already a major distributor of fruits and vegetables in Quebec, being the only Canadian player that is vertically integrated as producer, importer and distributor. With the support of Sagard PE, we will now have the ability to replicate our business model and increase our presence in markets outside Quebec and the Maritimes, and pursue our ambitious growth plan," specified Michel Routhier, Co-president of Courchesne Larose Group.
Advisors
In the context of this transaction, Houlihan Lokey acted as exclusive financial advisor to the Courchesne Larose Group, while DALAROY Conseil acted as strategic advisor to the Routhier Monette family.
Lenders
National Bank of Canada, CIBC, Scotiabank, Royal Bank of Canada, Roynat Capital, Fondaction, Solidarity Fund QFL, and Roynat Equity Partners acted as lenders in connection with this investment.
A leading player in the Canadian fruit and vegetable industry for over 100 years, Courchesne Larose Ltd. is a family-owned company that employs over 600 people. Over the past few years, several subsidiaries have been added, allowing us to develop an incomparable value proposition for customers and suppliers. The Courchesne Larose Group includes Aliments Bercy, Krops Imports, Marcan Packaging, Dynapro Transport, Maroc Fruit Overseas Company and Green Earth Produce Trading. Its primary mission is to provide its suppliers with the largest and best distribution network of fresh fruits and vegetables in Eastern Canada, allowing its customers to benefit from diversified and quality products year-round. Its suppliers come from all over the world and its customers are located throughout Canada and on the American East Coast. For more information, please visit courchesnelarose.com/en.
Sagard Private Equity Canada is Sagard's private equity strategy focused on the Canadian mid-cap market, with an emphasis on the business and financial services and manufacturing sectors. Sagard PE aims to be the partner of choice for Canadian entrepreneurs and management teams who want to become market leaders. Sagard is a multi-strategy alternative asset management firm with over US$13.7 billion in assets under management, 90 portfolio companies and 300 professionals. Sagard invests in venture capital, private equity, private credit, real estate and royalties. For more information, please visit www.sagard.com/private-equity/canada.
A trailblazer for more than 25 years, Fondaction is the investment fund of those who are committed to the positive transformation of the Quebec economy to make it more efficient, more equitable, more inclusive and greener. As a labour-sponsored fund, Fondaction represents tens of thousands of investors and hundreds of companies committed to the advancement of Quebec. It manages net assets totalling $3.11 billion invested in hundreds of companies and financial markets, with a focus on investments that generate positive economic, social and environmental impacts in addition to financial returns. Fondaction helps maintain and create jobs, reduce inequalities and fight climate change. For more information, please visit www.fondaction.com.
Roynat Equity Partners facilitates growth and creates wealth in established mid-market private companies by providing patient capital, advice and contact networks to Canadian entrepreneurs. With offices across Canada, Roynat Equity Partners is dedicated to helping mid-market companies grow and achieve their business goals. Roynat Equity Partners is a division of Roynat Capital Inc. which is a wholly owned subsidiary of Scotiabank. For more information, please visit www.roynat.com.
SOURCE Courchesne Larose
Martine Robert, NATIONAL Public Relations, [email protected], +1-514-212-7812
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