Montreal - La Coop fédérée, the largest agri-food enterprise in Quebec and the only Canada-wide agricultural cooperative, is pleased to announce that Caisse de dépôt et placement du Québec ("CDPQ"), the Fonds de solidarité FTQ, Fondaction and Desjardins Capital will invest $300 million in La Coop fédérée.
This investment takes the form of preferred shares and the amounts invested will be paid into the share capital of La Coop fédérée. The proceeds of this subscription will be used to finance the capital acquisition and capital investment projects of La Coop fédérée and its divisions resulting from La Coop fédérée's 2019-2022 strategic goals.
"La Coop fédérée has experienced unprecedented growth in recent years, consolidating its leading position in the agri-food and retail sectors in Quebec and Canada, said Gaétan Desroches, Chief Executive Officer of La Coop fédérée. This investment by these reputable financial institutions that is being announced today is not only a great sign of confidence in our organization, but also in the cooperative business model. "
“The agri-food industry, at the very heart of people’s day-to-day life, is an important driver for Québec’s economy, stated Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. This investment will allow La Coop fédérée, one of the world’s largest agri-food cooperatives, to pursue its growth strategy while generating stable revenues for our depositors over the long term.”
“By supporting the growth of La Coop fédérée, the Fonds de solidarité FTQ is also supporting the 120,000 members of La Coop fédérée, mostly SMEs that help Québec’s regions prosper. This investment in unsecured capital by the Fonds, in partnership with other Québec-based institutions, contributes to Québec’s economic development and supports jobs,” said Gaétan Morin, President and CEO of the Fonds de solidarité FTQ.
“The sustainable agri-food industry is essential to Québec, its population and the development of its regions, and Fondaction has made it one of the major themes of its investment strategy. Our renewed support for La Coop fédérée is in line with this objective, said Stephan Morency, Chief Investment Officer at Fondaction. By supporting one of the largest Québec cooperatives, we are also contributing to the social economy, as it is well equipped to respond to the sustainable development issues across Québec.”
“Desjardins Capital has been a financial partner of La Coop fédérée for almost 15 years and is proud to have been one of their first equity partners. This brings our total investment up to $100 million in preferred shares. This partnership supports vibrant rural communities in Quebec and across Canada,” says Luc Menard, Chief Operating Officer of Desjardins Capital.
La Coop fédérée plays a leading role in the agricultural and agri-food economy and acts as a vehicle for growth and innovation in the rural regions of Quebec and Canada. The direct, indirect and induced spinoff from La Coop fédérée contribute nearly $4 billion to Canada's GDP and generates more than 35,000 full-time jobs. In addition, its activities provide federal and provincial governments with tax revenues of $1 billion annually.
Source : lacoop.coop