Bonduelle announces the sale of 65% of Bonduelle Americas Long Life to the Fonds de solidarité FTQ and CDPQ
30 Juni 2022 - 6:00PM
Bonduelle announces the sale of 65% of Bonduelle Americas Long Life
to the Fonds de solidarité FTQ and CDPQ
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, June 30, 2022 -
Information release
Bonduelle announces the sale of 65% of
Bonduelle Americas Long Life to the Fonds de
solidarité FTQ and CDPQ
The Bonduelle Group has obtained the approval
from U.S and Canadian regulatory authorities and the waiver of
conditions precedent allowing it to finalize the agreement with the
institutional investors Fonds de solidarité FTQ and CDPQ, for the
acquisition, in equal shares between them, of 65% of Bonduelle
Americas Long Life (BALL) and on the basis of an enterprise value
at 100% of 850 million Canadian dollars (approximately 625 million
euros), or an EBITDA multiple for 2020-2021 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 operation will enable the group to continue
to deploy its activities, particularly in brands, in line with its
strategic priorities and its ambition of sustainable growth with
positive impact.
The net proceeds from the sale will be
determined on the basis of the financial statements as of the date
of the transaction, which are currently being prepared, and will be
recorded in the Bonduelle Group's financial statements for the year
ending June 30, 2022.
Bonduelle was advised by Rothschild & Co and
BNP, and by PwC for financial and tax due diligence, as well as by
the law firms Gowling in Canada and Willkie Farr & Gallagher
LLP in France and in the United States.
The Fonds de solidarité FTQ and CDPQ were both
assisted by the Canadian law firm Blakes (Blake, Cassels &
Graydon S.E.N.C.R.L. / s.r.l.) and by K&L Gates LLP in the
United States.
The new structure resulting from the agreement
between Bonduelle, the Fonds de solidarité FTQ and CDPQ is financed
by TD Securities which acted as joint underwriter, sole bookrunner,
co-lead arranger and administrative agent for the company's senior
secured credit facilities totaling C$575 million alongside Rabobank
acting in syndication, as well as Investissement Québec (IQ) as a
subordinated lender.
Press
Contacts:
For
Bonduelle:Benjamin
ZEHNDER - RP carrées - Tel: +33 (0)6 76 41 18 19email:
benjamin.zehnder@becoming-group.comVanessa VAZZAZ
- RP carrées - Tel: +33 (0)6 34 32 24 23email:
vanessa.vazzaz@becoming-group.com Valérie Lavoie -
Massy Forget Langlois RP – Tel: +1 438 885 9135email:
vlavoie@mflrp.ca
For the Fonds de solidarité
FTQ:Frédérique
Lavoie-Gamache - Advisor, Press
relations - Tel: +1 438 364 1596email:
frederique.lavoie@fondsftq.com
For CDPQ:Kate
Monfette - Senior advisor, Media relations - Tel: +1 514
847 5493email: kmonfette@cdpq.com
About
Bonduelle
We want to inspire the
transition toward a plant-based diet, to contribute to people’s
well-being and planet health. We are a French family business with
14,700 employees and we have been innovating with our farming
partners since 1853. Our products are cultivated on 124,000 acres
and marketed in 100 countries, with a revenue of € 2,779
million.
About the Fonds
de solidarité FTQ
The Fonds de
solidarité FTQ invests in a better society with the savings of its
734,580 shareholders. Through its development and venture capital
investments, the Fonds seeks to contribute to the transition
towards a greener economy, a people-centered world of work, and a
healthier society. It provides companies with unsecured financing
and strategic coaching. With net assets of C$ 18.3 billion as of
November 30, 2021, the Fonds supported over 3,400 partner companies
and over 247,000 jobs.
About
CDPQ
At 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
totalled C$ 420 billion. CDPQ is a registered trademark owned by
Caisse de dépôt et placement du Québec and licensed for use by its
subsidiaries.
- Communiqué Bonduelle-FTQ-CDPQ 30062022 EN
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