MONTREAL, Aug. 10 /CNW Telbec/ - The Solidarity Fund QFL (the "Fund") and
Capital régional et coopératif Desjardins today announced an $8.5 million
investment in Salerno Transparent Bags (1997) Ltd. ("Salerno"), a producer of
plastic packaging for industrial and commercial use. The company operates two
plants, one in Plattsburgh, N.Y., and another in Châteauguay, where it will
henceforth be headquartered.
The Fund played an active role in this transaction with its $6.4 million
investment and participation in Salerno's management buyout. "The company's
transfer not only confirms Salerno's growth but also offers an excellent
opportunity for the Fund to back a partner interested in solidifying its
foundation in Québec," said Gaétan Morin, the Fund's Executive Vice-President,
This type of transaction is part of the challenges and target investment
areas for Capital régional et coopératif Desjardins. "In addition to
partnering us with a solid team of managers, this investment will enable
Salerno to bring the head office of a mature, growing company to the region,
which makes us particularly proud," said Roger Durand, Vice-President,
Development Capital, at Desjardins Venture Capital.
For his part, Salerno chief executive Kurt Strater is extremely pleased
to see two key Québec institutions pool their resources and efforts in a show
of confidence in his company's development.
Salerno has been supplying plastic film and packaging in standard and
custom sizes to the horticultural, chemical, insulation and salt markets for
more than 40 years. Growing demand from other markets has prompted the company
to diversify in order to better leverage plastic's adaptability to a wide
variety of packaging products. Salerno currently employs 250 people, including
160 at the Châteauguay plant.
About the Solidarity Fund QFL
With net assets of over $7.2 billion, the Solidarity Fund QFL is a
development capital company that through its RRSP channels the savings of
Quebecers into investments in all sectors of the economy to help create and
maintain jobs and to further Québec's economic growth. The Fund is a partner,
either directly or through its network members, in 1,681 companies. It
currently has nearly 575,000 shareholders and has helped, on its own or with
other financial partners, to create, maintain and protect over 116,000 jobs.
For more information, visit www.fondsftq.com.
About Capital régional et coopératif Desjardins
Capital régional et coopératif Desjardins is a publicly-traded company
founded in 2001 on the initiative of the Desjardins Group. Managed by
Desjardins Venture Capital, the Company's primary mission is to raise venture
capital with a view to fostering the economic development of Québec's
cooperatives and resource regions. With an authorized capitalization of $1.325
billion, the Company assists companies and cooperatives throughout Québec.
For further information:
For further information: The telephone numbers provided below are for
the exclusive use of journalists and other media representatives: Sylvie
Audet, Vice-President, Strategic Planning and Communications, Desjardins
Venture Capital, (514) 281-7799, firstname.lastname@example.org; Sources:
Josée Lagacé, Senior Advisor, Press Relations and Communications, Solidarity
Fund QFL, (514) 850-4835, email@example.com