Private equity fund Sagard, of which Paul Desmarais III is CEO, announced a significant investment in the stake of Quebec greengrocer Courchesne Larose on Tuesday afternoon.
“Sagard’s reputation and profile and the family and corporate culture within the Courchesne Larose Group are closely aligned,” said Alain Routhier, Co-President of the Courchesne Larose Group, in a press release.
“This collaboration will have positive side effects for all stakeholders of the Courchesne Larose Group, including its employees, customers and suppliers,” assured Marie-Claude Boisvert, Partner and Head of Sagard PPC.
“With the support of Sagard PPC, we will now be able to replicate our business model and increase our presence in markets outside of Quebec and the Maritimes,” added Michel Routhier, Co-President of Courchesne Group, The Rose.
private amount
When asked by Le Journal, the PR firm National, hired by Courchesne Larose, declined to disclose the transaction amount.
Courchesne Larose was also unavailable for an interview.
Note that alongside the 3rd and 4th generation shareholders of the Routhier Monette family, Courchesne Larose and Sagard have joined forces with Fondaction and Roynat Investment Partners.
Courchesne Larose owns Les Aliments Bercy, Krōps Imports, Emballages Marcan, Transport Dynapro, Maroc Fruit Overseas Company and Green Earth Produce Trading.
appetite for farming
In recent months, the appetite of large mutual funds for agricultural companies has been confirmed in Quebec.
Last June, Power Corporation launched a new $210 million agricultural investment fund.
In early 2022, Investissement Québec (IQ) pumped $35 million into a new fund of the billionaire Bronfman clan.
Over the past 20 years, Claridge has invested more than $400 million in food companies here and across the United States. It is now targeting $100 million in investments with its Quebec fund.
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