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Bonduelle enters into exclusive negotiations with the Fonds de solidarité FTQ and the Caisse de dépôt et placement du Québec for the sale of 65% of Bonduelle Americas Long Life – 05/24/2022 at 6:15 pm


BONDUELLE

Partnership limited by shares with a capital of

57,102,699.50

euros


Head office: “La Woestyne” 59173 – Renescure


RCS

Dunkirk

447,250

044

Villeneuve d’Ascq, France, May 24, 2022 –

Communicated

Bonduelle enters into exclusive negotiations with the Fonds de solidarité FTQ and the Caisse de dépôt et placement du Québec


with a view to the sale of 65% of Bonduelle

Am

ericas

Long

Life

The Bonduelle Group announces that it has entered into exclusive negotiations with the institutional investors Fonds de solidarité FTQ and the Caisse de dépôt et placement du Québec (CDPQ), with a view to acquiring, in equal shares between them, 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 turnover of 943 million Canadian dollars for the year 2020-2021, BALL is dedicated to the processing and marketing of canned and frozen vegetables, in the United States and Canada, in mass distribution for the retail and foodservice, primarily private label, third-party brands as well as its 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 aims to enable the group to continue the deployment of its activities, in particular branded, in line with its priorities. strategies and its ambition for sustainable growth with a positive impact.



The entry into the capital of the Fonds de solidarité FTQ and the CDPQ would enable

BALL

L

to continue his

development in a constantly consolidating North American market and to finance its investments

of growth and

profitability, without new resource allocations by the Bonduelle Group, which

ultimately benefiting, as a minority shareholder, from the value creation of this activity up to 35%.

» says William

Debrosse

Chief Executive Officer of the Bonduelle Group.



The Fonds de solidarité FTQ is proud to

to build

this partnership in order to carry out this structuring transaction for the Quebec agri-food sector. The transaction involving Bonduelle

Am

ericas

Long

Life

, the Fund and its partners will become one of the most outstanding in the Quebec food industry. It will allow the company to continue its North American expansion, while maintaining a crucial headquarters here. The Fund’s participation in this transaction adds to historic investments of nearly $1.3 billion

canadians

in the agri-food industry,” says Dany Pelletier, Senior Vice-President – Private Equity and Impact Investments at the Fonds de solidarité FTQ.



The CDPQ is particularly proud to become a shareholder of one of the main players in the food industry in North America, whose head office will be established here, in Brossard.

»

, says Kim Thomassin, first vice-president and head, Quebec at the CDPQ. ”

Alongside our partners, we wish to pursue the ambitious expansion plan undertaken by Bonduelle

America Long

Life in order to consolidate its leading position in Canada and further develop the American market

.

»

The closing of the transaction could take place a few weeks after the deadline required for the information and consultation of the employee representative bodies and subject to obtaining the authorizations of the competent regulatory authorities and the lifting of the usual conditions precedent.


Press contacts:

For Bonduelle:


Benjamin Zehnder

– Square PRs – Tel: +33 (0)6 76 41 18 19

email: [email protected]

Vanessa VAZZAZ-

Square PR – Tel: +33 (0)6 34 32 24 23

email: [email protected]

For the Solidarity Fund QFL:


Frederique Lavoie-Gamache

– Advisor, press relations – Tel: +1 438 364 1596

email: [email protected]

For

the

Caisse de depot et placement du Quebec (CDPQ)

:


kate

Monfette

– Senior Advisor, Media Relations – Tel: +1 514 847 5493

email: [email protected]


About Bonduelle

We want to inspire the transition to plant-based food, to contribute to human well-being and the preservation of the planet. We are a French family business with 14,700 employees and we have been innovating with our farming partners since 1853. Our products are grown on 124,000 hectares and marketed in 100 countries, for a turnover of €2,779 million.


About the Solidarity Fund QFL

The Fonds de solidarité FTQ invests in a better society thanks to the savings of its 734,580 shareholders. At

medium

of its investments in development capital and venture capital, the Fund seeks in particular to contribute to the transition towards a greener economy, a world of work centered on people, and a healthier society. It offers businesses unsecured financing and strategic support. With net assets of $18.3 billion

canadians

as of November 30, 2021, the Fund supported more than 3,400 partner companies and more than 247,000 jobs.


About the CDPQ

The Caisse de dépôt et placement du Québec (CDPQ) invests constructively to generate long-term sustainable returns. As a global investment group that manages funds from public pension and insurance plans, we support our partners to build businesses that drive performance and progress. We are active in major financial markets, private equity, infrastructure, real estate and private credit. At 31

december

2021, the net assets of the

CDPQ amounted to 420

billions of dollars

canadians

.

Enclosed

  • Press release Bonduelle-FTQ-CDPQ 24052022



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