Bonduelle enters into exclusive negotiations with the Fund

BONDUELLE

A French SCA (Société en commandite by Shares) with a capital of 57,102,699.50 euros
Headquarters: La Woestyne 59173 Renescure, France
Registered under number: 447 250 044 (Dunkirk Trade and Companies Register)

Villeneuve d’Ascq, France, May 24, 2022 – Publication of information

Bonduelle enters into exclusive negotiations with the Solidarity fund FTQ and Caisse de depot et placement du Québec (CDPQ)
for the sale of 65% of Bonduelle Americas Long Life

The Bonduelle Group announces that it has entered into exclusive negotiations with institutional investors Solidarity fund FTQ and Caisse de depot et placement du Québec (CDPQ), with a view, for these investors, to acquiring 65% of Bonduelle Americas Long Life (BALL) and on the basis of an enterprise value at 100% of C$850 million (approximately €625 million), representing a 2020-2021 EBITDA multiple of 8.2x.

With sales of C$943 million for fiscal year 2020-2021, BALL is dedicated to the processing and marketing of canned and frozen vegetables in the United States and Canada, in the sectors of large distribution and catering, primarily with private labels, third party brands and own brands such as Arctic Gardens and Del Monte.

This partial disposal project follows the strategic review of the group’s activities, and in particular of BALL, announced in September 2021. It is intended to allow the group to continue the deployment of its activities, in particular the development of its brand activities, in line with its strategic priorities and its ambition for sustainable growth with a positive impact.

“The transaction with the Solidarity fund The FTQ and the CDPQ would allow BALL to pursue its development in a constantly consolidating North American market and to finance its growth and profitability investments, without any new allocation of capital by the Bonduelle Group. As a minority shareholder, Bonduelle will ultimately benefit from 35% of the value created by this activity” specifies Guillaume Debrosse, CEO of the Bonduelle Group.

“The Solidarity fund The FTQ is proud to build this partnership to carry out this structuring transaction for the Quebec agri-food sector. The transaction involving Bonduelle Americas Long Life, the Funds and its partners will become one of the largest in the Quebec food industry. It will allow the company to continue its North American expansion, while maintaining a crucial head office here. the Funds participation in this transaction is in addition to its historic investments of nearly C$1.3 billion in the agri-food industry,” said Dany Pelletier, Executive Vice President, Investments to Solidarity fund FTQ.

“La Caisse is particularly proud to become a shareholder of one of the main players in the North American food industry, whose head office will be based here, in Brossard,” declared Kim Thomassin, Executive Vice-President and Head of Quebec at the Box. “Alongside our partners, we are delighted to pursue Bonduelle Americas Long Life’s ambitious expansion plan to consolidate its leading position in Canada and further develop the American market.

The transaction could be finalized a few weeks after the information and consultation of the employee representative bodies and subject to obtaining the authorizations of the competent regulatory authorities and the lifting of the usual conditions precedent.

Press contacts:

For Bonduelle:

Benjamin Zehnder – Square PRs – Tel: +33 (0)6 76 41 18 19
email: [email protected]

Vanessa VAZZAZ- RP squares – Tel: +33 (0)6 34 32 24 23
email: [email protected]

For the Solidarity fund FTQ:

Frederique Lavoie-Gamache – Advisor, Press Relations – Tel: +1 438 364 1596
Email: [email protected]

For Caisse de depot et placement du Québec (CDPQ):

Kate Monfette – Senior Advisor, Media Relations – Tel: +1 514 847 5493
Email: [email protected]

About Bonduelle

We want to inspire the transition to a plant-based diet, to contribute to the well-being of people and the health of the planet. We are a French family business with 14,700 employees and we have been innovating with our farming partners since 1853. Our products are grown on 124,000 hectares and marketed in 100 countries, with a turnover of 2,779 million euros.

About Solidarity fund FTQ

the Solidarity fund The FTQ invests in a better society with the savings of its 734,580 shareholders. Thanks to its investments in development capital and venture capital, the Funds seeks to contribute to the transition to a greener economy, a people-centred world of work and a healthier society. It offers businesses unsecured financing and strategic support. With net assets of C$18.3 billion as of November 30, 2021, the Funds supported more than 3,400 partner companies and more than 247,000 jobs.

About the Fund

To Caisse de depot et placement du Québec (CDPQ), we invest constructively to generate long-term sustainable returns. As a global investment group managing funds for public pension and insurance schemes, we work alongside our partners to build companies that drive performance and progress. We are active in the main financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2021, the Caisse’s net assets amounted to 420 billion Canadian dollars.

  • Press release Bonduelle-FTQ-CDPQ 24052022 – EN

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