Bonduelle enters into exclusive negotiations with the Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec (CDPQ) for the disposal of 65% of Bonduelle Americas Long Life
24 Mai 2022 - 6:15PM
BONDUELLE
A French SCA (Partnership Limited by Shares)
with a capital of 57 102 699,50 EurosHead Office: La
Woestyne 59173 Renescure, FranceRegistered under
number: 447 250 044 (Dunkerque Commercial and Companies
Register)
Villeneuve d’Ascq, France, May 24, 2022 -
Information Release
Bonduelle enters into exclusive
negotiations with the Fonds de solidarité
FTQ and Caisse de dépôt et placement du
Québec (CDPQ) for the disposal of
65% of Bonduelle Americas Long Life
The Bonduelle Group announces that it has
entered into exclusive negotiations with the institutional
investors Fonds de solidarité FTQ and Caisse de dépôt et placement
du Québec (CDPQ), with a view, for these investors, to acquiring
65% of Bonduelle Americas Long Life (BALL) and based on a 100%
enterprise value of C$ 850 million (approximately € 625 million),
representing a 2020-2021 EBITDA multiple of 8.2x.
With a revenue of C$ 943 million for financial
year 2020-2021, BALL is dedicated to the processing and marketing
of canned and frozen vegetables in the United States and Canada, in
the retail supermarket and food service sectors, mainly with
private labels, third party brands and own brands such as Arctic
Gardens and Del Monte.
This partial disposal project follows the
strategic review of the group's activities, and in particular BALL,
announced in September 2021. It is intended to enable the group to
further pursue the deployment of its activities, in particular the
development of its branded activities, in line with its strategic
priorities and its ambition of sustainable growth with positive
impact.
"The transaction with the Fonds de solidarité
FTQ and CDPQ would allow BALL to pursue its development in a North
American market that is constantly consolidating and to finance its
growth and profitability investments, without any new allocation of
capital by the Bonduelle Group. As a minority shareholder,
Bonduelle will ultimately benefit from 35% of the value created by
this business" says Guillaume Debrosse, CEO of the Bonduelle
Group.
"The Fonds de solidarité FTQ is proud to build
this partnership to accomplish this structuring transaction for the
Quebec agri-food sector. The transaction involving Bonduelle
Americas Long Life, the Fonds and its partners will become one of
the most significant in the Quebec food industry. It will allow the
company to continue its North American expansion, while maintaining
a crucial headquarters here. The Fonds participation in this
transaction is in addition to its historical investments of nearly
C$ 1.3 billion in the agri-food industry", said Dany Pelletier,
Executive Vice-President, Investments at the Fonds de solidarité
FTQ.
“CDPQ is especially proud to become a
shareholder of one of the principal players in the North American
food industry whose headquarters will be based here, in Brossard”,
said Kim Thomassin, Executive Vice-President and Head of Québec at
CDPQ. “Alongside our partners, we look forward to pursuing
Bonduelle Americas Long Life’s ambitions expansion plan to
consolidate its position as a Canadian leader and further develop
the U.S. market.”
The closing of the transaction could take place
a few weeks after the information-consultation of the employee
representative bodies and subject to obtaining the authorisations
of the competent regulatory authorities and the lifting of the
standard suspensive conditions.
Press contacts:
For Bonduelle:
Benjamin ZEHNDER - RP carrées -
Tel: +33 (0)6 76 41 18 19 email:
benjamin.zehnder@becoming-group.com
Vanessa VAZZAZ - RP carrées -
Tel: +33 (0)6 34 32 24 23 email:
vanessa.vazzaz@becoming-group.com
For the Fonds de
solidarité FTQ :
Frédérique Lavoie-Gamache -
Advisor, Press relations - Tel: +1 438 364 1596 email:
frederique.lavoie@fondsftq.com
For Caisse de dépôt et
placement du Québec (CDPQ) :
Kate Monfette - Senior advisor,
Media relations - Tel: +1 514 847 5493 email:
kmonfette@cdpq.com
About Bonduelle
We want to inspire the transition toward a
plant-based diet, to contribute to people’s well-being and planet
health. We are a French family business with 14,700 employees and
we have been innovating with our farming partners since 1853. Our
products are cultivated on 124,000 acres and marketed in 100
countries, with a revenue of € 2,779 million.
About the Fonds de
solidarité FTQ
The Fonds de solidarité FTQ invests in a better
society with the savings of its 734,580 shareholders. Through its
development and venture capital investments, the Fonds seeks to
contribute to the transition towards a greener economy, a
people-centred world of work, and a healthier society. It provides
companies with unsecured financing and strategic coaching. With net
assets of C$ 18.3 billion as of November 30, 2021, the Fonds
supported over 3,400 partner companies and over 247,000 jobs.
About CDPQ
At Caisse de dépôt et placement du Québec
(CDPQ), we invest constructively to generate sustainable returns
over the long term. As a global investment group managing funds for
public retirement and insurance plans, we work alongside our
partners to build enterprises that drive performance and progress.
We are active in the major financial markets, private equity,
infrastructure, real estate and private debt. As at December 31,
2021, CDPQ’s net assets totaled C$ 420 billion.
- Communiqué Bonduelle-FTQ-CDPQ 24052022 - EN
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