Fonds de solidarité FTQ invests an additional $200 million in the FRS network to further support regional economic development
Montréal, June 21, 2021 – In fiscal 2020-2021 ended March 31, 2021, the Fonds régionaux de solidarité FTQ (“FRS”) network invested $150.9 million, an annual record for the FRS, which are celebrating their 25th anniversary this year. These investments supported 123 businesses across Québec, including 84 new partner companies.
“The record year we experienced speaks to the dynamism of Québec entrepreneurs despite the pandemic. We’re proud to have supported the growth objectives of SME owners, whether through succession, acquisition, innovation or modernization projects. Investing for a better society means supporting economic development and jobs in all regions of Québec,” said Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.
“When the Fonds régionaux de solidarité FTQ were created in 1996, the development capital industry was highly concentrated in Montréal and not very accessible outside the metropolitan area. Since then, the FRS have invested $1.15 billion in some 1,500 Québec SMEs. Such a record would not have been possible without the vital contribution of the employees in the 17 decision-making centres of the FRS network and the active participation of the business community in every region of Québec,” said in turn Janie C. Béïque, President and CEO of the Fonds de solidarité FTQ.
“To further support regional economic development, the Fonds de solidarité FTQ is investing an additional $200 million in the FRS network. The teams on the ground will therefore continue to have access to the capital they need to support entrepreneurs in their projects,” added Ms. Béïque. This new funding brings the Fonds’ contribution to the FRS network to $500 million, in addition to the profits realized and reinvested.
Pat BBQ of L’Île-Verte, Calko Group of Montréal, and Labre & Associés of Repentigny are some of the companies in which the FRS invested during the year.
Supporting the growth of L’Île-Verte’s Pat BBQ
Founded by Patrick Couturier in 2017, Pat BBQ develops, prepares and sells smoked meat products such as ribs, pulled pork, deli meat, rib sausages, sauces and spices. The company capitalized on the exposure gained by winning one of the most prestigious sauce and spice competitions in the United States in 2018 to open several sales outlets in Québec. Success was immediate, leading Pat BBQ to decide to build an automated plant to increase production capacity.
The financing granted by the FRS Bas-Saint-Laurent strengthened the company’s working capital at a time when it was looking to expand its distribution network and market its products in the rest of Canada and in the United States.
Supporting the acquisitions of Montréal’s Calko Group
Founded in 1956, Calko Group is a manufacturer and distributor of niche fabric products such as specialized work and protective clothing, first aid equipment and medical supplies. With more than 80 employees in Québec and 8 manufacturing locations around the world, the company serves a variety of industries, including industrial, health and safety, auto racing, firefighting and military.
A $1.5 million investment from FRS Montréal will help Calko Group grow through small and mid-size strategic acquisitions and alliances (as was the case with TenCate and Canlan in 2020), raise the brand’s visibility, implement strategies to increase sales in various segments, and control more of its procurement.
Supporting the succession of Repentigny’s Labre & Associés Arpenteurs géomètres
In business since 1947, Labre & Associés is one of the few ISO 9001-certified land surveying companies in Québec. With offices in Repentigny, Saint-Eustache, Laval, Montréal and Brossard, and more than 70 employees, the reputable firm offers services in area leasing land surveying, technical surveying, condominium and area leasing, and remaking of the cadastre.
A partner of FRS Lanaudière since 2015, Labre & Associés has posted solid financial results and enjoyed sustained growth. The sums invested in 2020 were used to implement the firm’s succession plan following the departure of two executives and to cement its leadership position in the industry, where it has an enviable reputation.
Business solutions that make a difference
With 17 offices across Québec, the Fonds régionaux de solidarité FTQ offer small and mid-sized enterprises customized loan and equity solutions. Each product is developed based on the company’s characteristics and the region’s economic reality. Requiring no corporate or personal guarantee, FRS loans do not entail any legal or management fees and are intended to complement the financing offered by traditional financial institutions.
About the Fonds régionaux de solidarité FTQ
Celebrating their 25th anniversary this year, the Fonds régionaux de solidarité FTQ help further regional economic development in Québec by channelling the savings of over 700,000 Quebecers into local investments. The Fonds régionaux have invested $1.15 billion in 1,500 companies since their inception in 1996, supporting nearly 55,500 jobs. For more information, visit fondsreg.com.
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