Partnership between the Caisse de dépôt et placement du Québec and Desjardins Group - investments of $23 million in four Quebec companies
The Caisse de dépôt et placement du Québec (the “Caisse”) and Capital régional et coopératif Desjardins (CRCD) announced today four new investments in Québec, totalling $23 million. This money will enable the four companies, located in Lachine, Montréal and Bas-Saint-Laurent, to increase their productivity, implement growth projects and, in turn, maintain their industry leadership position. These investments, which result from the partnership formed in 2010 between the Caisse and Desjardins Group, bring the total amount disbursed under the agreement to $62 million.
“Our SMBs from all regions are the engines of the Québec economy. These investments, which bring the total number completed since the beginning of the partnership's activities to 12, show that Québec companies have the willingness and ability to pursue growth,” said Luc Houle, Senior Vice President, Investments at the Caisse de dépôt et placement du Québec. “We are pleased to contribute to the success of profitable Québec companies with Desjardins.”
"Through our special access to companies from every Québec region, we are able to see their drive and innovation firsthand. A thriving economy depends on successful businesses. The new investments announced today are further proof that there are many in Quebec, said MarieClaude Boisvert, Chief Operating Officer of Desjardins Venture Capital and Vice-President, Development Capital and Business Ownership Transfers of Desjardins Group. “The support of Desjardins and the Caisse is very timely."
Four companies. $23 million
GGI International Inc., Lachine
GGI International is a family business specializing in the design, engineering and manufacture of user interface assemblies for advanced sectors such as aeronautics and telecommunications. The company, which invests nearly $2.5 million annually in product research and development, is also very active in the medical and automotive sectors. The Caisse and CRCD investment keeps control of GGI in Quebec and, at the same time, enables it to promote its expertise and products worldwide. The company, which employs over 170 people, was awarded an investment through the agreement component that involves the financing of successful mediumsized companies with good growth and profitability potential. www.ggi-international.com/fr/
Groupe Fillion Sports, Rimouski
Based in Rimouski, in the Bas-St-Laurent region, Group Fillion Sports specializes in the sale of upscale footwear and sportswear. The investment will help the company implement modernization projects and open a new store in Lévis. Today, the Group has 14 outlets throughout Québec, Côte-Nord and Bas-St-Laurent. Group Fillion Sports has 160 employees. www.fillionsports.com
Systemex, Montréal
Since 2006, Systemex has constructed, installed and maintained the infrastructure of telecommunication companies. Active in Montréal, Western Québec and Ottawa, the company has 125 employees at its offices in Montréal and Sherbrooke. Systemex plans to use this loan for general corporate purposes in order to complete its expansion activities. www.systemex.ca
STC Footwear Inc., Montréal
During its two decades of existence, STC Footwear has developed a specialization in the manufacture and importation of safety boots for the North American market. The company has 152 employees at its plants in Montreal and Windsor in the Eastern Townships. The loan will support the company’s growth projects. www.stcfootwear.com
The investments in Groupe Fillion Sports, Systemex and STC Footwear were made through the Capital Croissance PME fund, created by the Caisse and Capital régional et coopératif Desjardins and managed by Desjardins Venture Capital. This fund is for small Québec companies with financing needs of less than $3 million.
About the Desjardins and Caisse de dépôt et placement du Québec partnership
In 2010, Desjardins Group and the Caisse announced an agreement aimed at supporting the expansion and growth of Québec SMBs. The agreement includes two distinct components: one for small companies and another for medium-sized businesses.
The first part of the agreement involves a $200-million fund, called Capital Croissance PME, for meeting the financing needs of small Québec companies, primarily in the form of subordinated loans of less than $3 million. Desjardins Venture Capital, a subsidiary of Desjardins Group, is the exclusive manager of this fund and an equal partner alongside the Caisse and Capital régional et coopératif Desjardins.
The second part of the partnership involves $400 million for the financing of successful mediumsized companies with good growth and profitability potential.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.
About Capital régional et coopératif Desjardins
Founded in 2001, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. With over 112,000 shareholders, the Company contributes to Québec's economic development, directly driving the growth of cooperatives and resource regions. Capital régional et coopératif Desjardins currently supports the growth of more than 230 companies and cooperatives in various industries throughout Québec. (www.capitalregional.com)
About Desjardins Group
With assets of over $175 billion, Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins Group specializes in wealth management, personal insurance, property & casualty insurance, personal services and business services. As one of the largest employers in the country and one of Canada's 10 Most Admired Corporate Cultures™ of 2010, Desjardins is supported by the skills of its 42,200 employees and the commitment of nearly 6,000 elected officers. For more information, visit www.desjardins.com.
For more information
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Nathalie GenestMedia Relations AdvisorDesjardins Group514 281-7275 ou 1 866 866-7000, poste 7275