Longueuil, September 24, 2015 – The Fonds de solidarité FTQ and Investissement Québec are making another investment in highly successful AGF Group, a family-owned business specializing in the manufacture and installation of reinforcing steel, and access and scaffolding equipment. The capital will allow the Longueuil-based firm to continue its strong global growth. AGF Group has over 3,200 employees worldwide, including almost 780 in Québec.
“To transition from engineer to chief executive, you have to be an entrepreneur at heart. And that’s what we saw in Serge Gendron when we first invested in AGF Group in 2008. Since then, the Fonds has been supporting AGF’s efforts to grow internationally for the benefit of its 780 employees and the Fonds’ 600,000 shareholders,” said Normand Chouinard, Senior Vice-President, Investments, at the Fonds de solidarité FTQ.
“With this additional investment, we’re reaffirming our support for a company that has made its mark not only in Québec but on the international scene as well. Our backing of AGF’s expansion efforts is a perfect example of how committed we are to seeing our entrepreneurs succeed,” added Pierre Gabriel Côté, President and CEO of Investissement Québec.
“Thanks to its seasoned management team and the construction and engineering expertise of its employees, AGF has become a leader in its field. By combining entrepreneurship and innovation, AGF has carved an enviable place on international markets,” said Jean Wilhelmy, Senior Vice-President, Aerospace, Construction and Services, at the Fonds de solidarité FTQ.
“AGF Group is becoming a major contender in large-scale projects around the world. These new investments will help us continue growing abroad while consolidating and creating jobs right here in Québec,” said AGF Group president Serge Gendron.
Founded in 1948 under the name Acier Gendron, AGF Group comprises more than 30 business units located in Canada, the United States, Europe, the United Arab Emirates, the Middle East, Central America and South America.
Created in 2012, the AGF Group Foundation gives back to the communities in which AGF Group is present in Canada.
For business reasons, the details of the transaction will not be made public.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds de solidarité FTQ is a partner, either directly or through its network members, in more than 2,550 companies. With 610 605 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
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