Groupe Canam receives a $50 M loan from the Fonds de solidarité FTQ
The Fonds de solidarité FTQ will invest $50 million in the form of an unsecured loan to support the growth of St-Georges-based Canam Group (TSX: CAM).
“Today, Canam is a world leader in construction materials and services thanks to its teams’ expertise, the quality of their work and a diverse line of products. The growth of this Québec flagship company will continue to be fuelled by both the domestic and foreign markets and will benefit the entire Québec industry,” said Janie Béïque, Senior Vice-President, Industries, Entertainment and Consumer Goods, at the Fonds de solidarité FTQ.
“We are happy to be associated with the Fonds de solidarité FTQ, an institution that is well aware of the needs of the manufacturing sector” said in turn Marc Dutil, President and Chief Executive Officer of Canam Group. “This new partnership shows the strength of our business record and the expertise of our team.”
Canam is currently involved in major projects including the approaches to the new Champlain Bridge in Montréal, the Atlanta Falcons’ new stadium, and the retractable roof for New York’s Arthur Ashe Stadium.
This is the Fonds’ third investment in the construction materials sector in a short period of time. In February 2015, the Fonds de solidarité FTQ led a group that brought ownership of door and window manufacturer ATIS Group back to Québec. In September, the Fonds also announced a reinvestment to support the growth of AGF Group, a company specializing in reinforcing steel, post-tensioning and scaffolding & access.
As at November 30, 2015, the Fonds de solidarité FTQ, with the Fonds régionaux de solidarité FTQ, had 72 construction and construction materials companies in its portfolio totalling $186 million in investments and supporting some 4,416 jobs.