The Caisse de dépôt et placement due Québec has acquired a minority stake in a Paris-based food services company.
The pension fund manager announced the investment in Elior Group today. The French company provides food services to schools, businesses and health-care institutions with a significant presence in Europe but also in North America and Latin America. It ranks third worldwide for concession services at places like airports, train stations and highway service centres, according the Caisse.
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“As a long-term investor, we seek opportunities to invest in businesses resilient to economic cycles and that generate, over time, attractive returns for our clients. Our investment in Elior Group is well aligned with this strategy,” said Andreas Beroutsos, executive vice-president for private equity and infrastructure at the Caisse.
“We also intend to make our network and knowledge of the North American market available to Elior Group to further its global expansion.”
The transaction will give the Caisse a position on the Elior Group’s board of directors. The Caisse said it wouldn’t release the size of the minority stake or the amount it paid for the acquisition.