Quebec Financial Institutions Participate in Manac Buyout
Caisse de dépôt et placement du Québec (CDPQ), the Fonds de solidarité FTQ, Investissement Québec and the Québec Manufacturing Fund L.P. announced on August 13, 2015, that together they are forming a consortium with Placements CMI to acquire Manac, the largest manufacturer of trailers in Canada. Placements CMI controlled by the family of Manac’s founder, Marcel Dutil. CMI Placements is making a C$ 36 million investment in Manac. CDPQ and Fonds de solidarité FTQ are each investing C$ 17 million in equity. Investissement Québec is investing C$ 15 million in Manac through a loan. The Québec Manufacturing Fund is investing C$ 8 million in equity in Manac.
After the deal, Manac becomes a private company, 38% owned by the Dutil Family. CDPQ, Fonds de solidarité FTQ and Investissement Québec will each control 18% of the company, while the Québec Manufacturing Fund will hold 8% ownership.
Québec Manufacturing Fund L.P. is sponsored by CDPQ and is mandated to find profitable Québec manufacturing companies that present attractive investment opportunities and have the potential to quickly make significant improvements to their operations.
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