The Caisse de dépôt et placement du Québec is investing in La Coop Fédérée, the largest agri-food enterprise in Quebec and the only Canada-wide agricultural cooperative.
The investment — alongside the Fonds de solidarité FTQ, Fondaction and Desjardins Capital — of $300 million takes the form of preferred shares.
“The agri-food industry, at the very heart of people’s day-to-day life, is an important driver for Quebec’s economy,” said Marc Cormier, executive vice-president and head of fixed income at the Caisse, in a press release. “This investment will allow La Coop Fédérée, one of the world’s largest agri-food cooperatives, to pursue its growth strategy while generating stable revenues for our depositors over the long term.”
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Founded in 1922, the Coop represents more than 120,000 members, agricultural producers and consumers.
“By supporting the growth of La Coop Fédérée, the Fonds de solidarité FTQ is also supporting [its] 120,000 members, mostly [small and medium-sized enterprises] that help Quebec’s regions prosper,” said Gaétan Morin, president and chief executive officer of the Fonds de solidarité FTQ.
“This investment in unsecured capital by the Fonds, in partnership with other Quebec-based institutions, contributes to Québec’s economic development and supports jobs.”