A number of investors, including the Caisse de dépôt et placement du Québec, are making a $470-million investment, in the form of preferred units, in Agropur Cooperative.
The transaction supports the cooperative’s growth strategy and finances its recently announced acquisitions, including the dairy processing assets of U.S.-based Davisco and Canada’s Sobeys and Northumberland.
The investors and the amount they are investing are as follows: the Caisse ($150 million), National Bank and the Fonds de solidarité FTQ ($75 million each), Investissement Québec ($65 million), Capital régional et coopératif Desjardins ($55 million) and Fondaction CSN ($50 million).
Based on certain conditions, the Caisse’s stake could reach $300 million at the next issuance of preferred units.
“Through this injection of capital, the Caisse is enabling Agropur to accelerate its long-term growth and in turn strengthen its leadership position in the dairy processing industry,” says Marc Cormier, the Caisse’s executive vice-president, fixed income.
Agropur is Canada’s largest dairy co-operative with 36 plants across North America and has numerous brands and products such as Natrel and Sealtest.
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