Four Québec investors form a consortium with the Dutil family to further support Manac’s growth in North America

Caisse de dépôt et placement du Québec (CDPQ), the Fonds de solidarité FTQ, Investissement Québec and the Québec Manufacturing Fund announced today that they have formed a consortium with Placements CMI, the entity controlled by the family of Manac’s founder, Marcel Dutil, to acquire the company and continue to support its growth in North America.

The Dutil family is making a $36-million equity investment in Manac. CDPQ, the Fonds de solidarité and Investissement Québec are each investing $17 million in equity and $15 million in the form of a loan, while the Québec Manufacturing Fund is investing $8 million in equity. Following this transaction, Manac becomes a private company, 38% owned by the Dutil family. CDPQ, the Fonds de solidarité and Investissement Québec will each hold 18% and the Québec Manufacturing Fund, 8%.

“This transaction puts Manac back entirely under the control of Québec-based institutions and will provide very stable share ownership,” specified the Dutil family. “Our partners will play an important role in Manac’s next growth phase. The company will be marking its 50^th anniversary next year and this transaction is an important step in its continuity and strong Québec presence.”

"We are pleased to have entered into a partnership to invest in this Québec leader," said Christian Dubé, Executive Vice-President, Québec at CDPQ. "Since the establishment of Manac in the Beauce region, the Dutil family has built a solid history of profitability and has made the company a model of entrepreneurship and innovation through the many new products launched by Manac over the years. These new investments, in addition to the Québec Manufacturing Fund's operational expertise, will give the company the necessary resources and impetus to continue to grow in North America."

"Having partnered with Manac in the past, the Fonds de solidarité FTQ is proud to join forces once again with this Québec champion," said Normand Chouinard, Executive Vice-President, Investments of the Fonds de solidarité FTQ. "The Dutil family's vision made Manac into a North American leader. Through their leadership today, the members of the family ensure that the company they have built and the jobs created remain well rooted here in Québec."

"It is extremely important for Québec to be able to rely on industry champions like Manac, a company that has already contributed for a number of years to our economic vitality and to the creation of many quality jobs," pointed out Pierre Gabriel Côté, President and Chief Executive Officer of Investissement Québec. "Our Corporation is therefore particularly proud to have participated with other Québec institutional investors in this important financial transaction that will secure the future of the head office in Saint-Georges, but also maintain the manufacturing expertise and the unique know-how developed by the Dutil family."

ABOUT PLACEMENTS CMI

Placements CMI is the investment management firm controlled by the family of Manac’s founder, Marcel Dutil.

ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2014, it held $225.9 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ, which marks its 50^th anniversary this year, invests globally in major financial markets, private equity, infrastructure and real estate. For more information about la Caisse: www.cdpq.com.

ABOUT THE FONDS DE SOLIDARITÉ FTQ

The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as at May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds de solidarité FTQ is a partner, either directly or through its network members, in more than 2,550 companies. With more than 610,605 shareholder-savers, the Fonds helps create, maintain and protect 176,000 jobs. For more information, visit www.FondsFTQ.com.

ABOUT INVESTISSEMENT QUÉBEC

Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment. For more information: www.investquebec.com.

ABOUT THE QUÉBEC MANUFACTURING FUND

The $200-million Québec Manufacturing Fund L.P., sponsored by Caisse de dépôt et placement du Québec, has a mandate to identify profitable Québec manufacturing companies that present attractive investment opportunities and have the potential to quickly make significant improvements to their operations. The QMF combines the financial expertise of Caisse de dépôt et placement du Québec with the operational expertise of four experienced managers. The Fund assists entrepreneurs in Québec’s manufacturing sector with their projects by providing financing and expertise for business development, operations management and financial management.