Swander Pace Capital (SPC), a San Francisco-based private placement consumer products firm, is acquiring Boulangerie St-Méthode, a provider of healthy, fresh, value-added bread based in Adstock in the Chaudière-Appalachia region.
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For this purpose, the private fund joined forces with the Caisse de dépôt etplacement du Québec (CDPQ) and Roynat Investment Partners, a subsidiary of Scotiabank.
“This transaction is the result of careful planning aimed at securing the long-term future of Boulangerie St-Méthode in Adstock and elsewhere in Quebec,” Benoit Faucher, president of Boulangerie St-Méthode, said in a press release.
Jobs will be retained
He adds that he will continue to “play an advisory role to the management team while ensuring a harmonious transition.”
“Our new partners share our values, which are anchored in our family business culture, which is particularly reflected in the retention of the current management team and all jobs […] », emphasized Mr. Faucher.
Expansion plans
Last August, Boulangerie St-Méthode announced that it was looking for new partners to finance its expansion projects in Ontario and the United States.
In response to questions from the Journal, Adstock, a company based near Thetford Mines, also issued a press release confirming that it was exploring the “possibility of working with various business partners”.
“The CDPQ is proud to partner with Boulangerie St-Méthode to support this thriving Quebec food company in its succession process and growth projects in the Canadian and American markets,” emphasized Kim Thomassin, first vice-president, yesterday. President and head of the CDPQ, Quebec, in a press release.
Help from the state
Over the past 15 years, Boulangerie St-Méthode has received at least $4 million in support from Investissement Québec and the Quebec government.
In February 2023, a month before the closure of its Magog factory, the company received a $100,000 grant from the Economic Diversification Fund for the Appalachian MRC area.
In 2018, the company and Groupe BSM, which owns St-Méthode, received $3 million under the Quebec government's Essor program.
Finally, in 2008, Boulangerie St-Méthode received $961,000 in support from Quebec through Investissement Québec and the then Ministry of Economic Development, Innovation and Exports.
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