Solidarity Fund QFL Invests $50 Million in Yellow Pages Group
Montréal, June 25, 2009
– The Solidarity Fund QFL (the “Fund”) is proud to partner with Yellow Pages Group (YPG), a Québec and Canadian leader in local commercial search and Canada's largest telephone directory publisher. The Fund's $50 million investment was made as part of a recent $260 million notes issue by YPG Holdings Inc.
“Yellow Pages Group has held a strategic position in a niche segment of the publishing industry for over 100 years. During this time, it has set itself apart not only in Canada but in North America as well and has learned to leverage the Internet and mobile. The Fund is proud to partner with this Québec beacon and its management team, a group that demonstrates boldness and leadership. Marketing a product or service is a fundamental aspect of a company's success, and Yellow Pages is an expert in this regard. YPG will use our investment to pursue its growth plan. With close to 1 000 employees in Québec, YPG is one of Québec's foremost companies,” said the Fund's senior vice-president, Normand Bélanger.
In these tough economic and financial times, the Solidarity Fund QFL (the “Fund”) forged ahead with its investments that for the fiscal year ended May 31 reached a record $848 million. Including investments made by its regional funds and SOLIDE, over 280 companies benefited in this regard. In addition to this substantial amount, the Fund set aside $542 million for three new financing programs introduced in the Québec government's last budget. This most recent investment in Yellow Pages Group is a prime example of the decisive role the Fund plays in the development of Québec businesses with its patient, complementary capital. About the Solidarity Fund QFL
With net assets of $6.2 billion as at November 30, 2008, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,881 companies. It currently has nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 126,000 jobs. For more information, visit www.fondsftq.com
Note: The telephone number provided below is for the exclusive use of journalists and other media representatives.
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Sources : Josée Lagacé
Senior Advisor, Press Relations and Communications
Fonds de solidarité FTQ
Telephone : 514 850-4835
Email : email@example.com