Canadian fresh produce distributor Courchesne Larose Ltd. has announced a significant investment in its share capital by Sagard Private Equity Canada to accelerate its expansion, according to a news release.
In conjunction with the shareholders of the third and fourth generations of the Routhier Monette family, as well as the management team at the Courchesne Larose Group, Sagard PE is joined in the investment by Fondaction and Roynat Equity Partners, the release said. The Courchesne Larose Group includes Aliments Bercy, Krops Imports, Marcan Packaging, Dynapro Transport, Maroc Fruit Overseas Company and Green Earth Produce Trading, the release said.
“There is a strong fit between Sagard’s reputation and profile, and the entrepreneurial culture within the Courchesne Larose family,”Alain Routhier, co-president of the Courchesne Larose Group, said in the release. “In addition, we appreciate the extensive network and investment horizon of the Sagard team. We are extremely grateful for the loyalty and hard work of the 600 employees who are part of the Courchesne Larose family. We will ensure that the family culture that has served us so well remains the foundation of our business strategy and our success, and together, we will continue to manage the company’s growth, as my father and grandfather did, and as we have done, for more than a century.”
“We are proud to partner with the Routhier Monette family and their history of continuous growth dating back over 100 years, a truly impressive track record,” Marie-Claude Boisvert, partner and head of Sagard PE, said in the release. “This collaboration will have a positive impact for all of the Courchesne Larose Group’s stakeholders, including its employees, customers and suppliers.”
The infusion of capital from Sagard will help Courchesne Larose Group grow, Michel Routhier, co-president of Courchesne Larose Group, said in the release.
“We are already a major distributor of fruits and vegetables in Quebec, being the only Canadian player that is vertically integrated as producer, importer and distributor,” Routhier said in the release. “With the support of Sagard PE, we will now have the ability to replicate our business model and increase our presence in markets outside Quebec and the Maritimes, and pursue our ambitious growth plan.”
In the context of this transaction, the release said Houlihan Lokey acted as exclusive financial advisor to the Courchesne Larose Group, while DALAROY Conseil acted as strategic advisor to the Routhier Monette family.
National Bank of Canada, CIBC, Scotiabank, Royal Bank of Canada, Roynat Capital, Fondaction, Solidarity Fund QFL, and Roynat Equity Partners acted as lenders in connection with this investment, according to the release.
