Montréal, January 28, 2010 – The Solidarity Fund QFL (the “Fund”) and its Estrie Regional Fund are pleased to announce a new partnership with Les Viandes Laroche Inc., a company based in Asbestos, Québec.
The $2.5 million investment will allow this meat processor and distributor to build a new plant, equipped with cutting-edge equipment. In fact, construction is already underway, with the official inauguration scheduled for May. Once the project is completed, the company will add about 20 positions to its existing 63.
“Helping businesses grow is what we do, but it’s especially satisfying when we back entrepreneurs who develop high value-added niches. That’s the case with Les viandes Laroche, which is seeking to have its beef certified Viandes Sélectionnées des Cantons (VSC), a niche with promising growth potential. With its patient capital and expert specialized teams, the Fund has been backing agri-food businesses for years. To date, we’ve injected about $252 million in this sector and plan to continue investing heavily in the years ahead,” said the Fund’s agri-food investment director, Hubert Carrier.
“This is good news for both the agri-food industry and for the Asbestos region, which is heavily concentrated in the primary and secondary sectors. Getting backing for such a large project will drive the regional economy by making a great company stronger, by creating jobs, and by expanding local processing activities, which will round out its products and services offer,” added Luc Pinard, director of the Estrie Regional Solidarity Fund.
Les Viandes Laroche specializes in beef processing and distribution of other types of meat in Québec. A few years ago, the company partnered with the members of its beef supply chain to create the Viandes Sélectionnées des Cantons (VSC) certification. As a result, it now offers superior grade beef with no antibiotics or growth hormones, and with a traceability guarantee, thus responding to the needs of Québec consumers concerned about food quality.
About the Solidarity Fund QFL
The Solidarity Fund QFL helps drive our economy. With net assets of $7.0 billion as at November 30, 2009, the Fund 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 2,000 companies. It currently has nearly 571,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect nearly 143,000 jobs. For more information, visit www.fondsftq.com.
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Note: The telephone number provided below is for the exclusive use of journalists and other media representatives.
Source:
Josée Lagacé
Senior Advisor, Press Relations and Communications, Solidarity Fund QFL
Telephone: 514 850-4835