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Fonds de solidarité FTQ Invests $1.2 Billion in the Québec Economy

Press Release

June 18, 2024

In fiscal 2023-2024, ended May 31, 2024, the Fonds de solidarité FTQ (“Fonds”) committed $1.17 billion to the Québec economy. One of the projects supported by the Fonds was the succession of Novatech Group.

“The Fonds continues to drive the Québec economy with investments surpassing $1 billion for the seventh year in a row. Our teams have been on the ground helping entrepreneurs draw up effective plans and supporting them in their growth despite the difficult context. Guiding and financially supporting our SMEs were at the top of our list in 2023-2024,” said Dany Pelletier, Executive Vice-President – Private Equity and Impact Investing at the Fonds de solidarité FTQ. “There are many needs, and I’m proud of our accomplishments in the area of business transfers and in shifting to investments in sustainable assets.”

Gendreau family takes over Novatech Group

Since it was founded by Raymond Ouellette in 1982 in Sainte-Julie, Novatech has expanded its offering to a wide range of products that includes glass processing, the manufacture of windows, doors, steel doors and patio doors and more. Novatech has 16 plants and distribution centres in Canada and the United States, and since 2009, an innovation centre dedicating to researching and developing new products. During the year, thanks to the support of the Fonds and Investissement Québec, Novatech was acquired by the Gendreau family, owners of Garaga Inc., a North American leader in garage door manufacturing. Novatech’s current president, Harold Savard, is also involved in the transaction.

“Thanks to our support for business transfers, the Fonds has made it possible for a flagship company like Novatech Group to remain in Québec hands,” said Dany Pelletier. “The next few years will be crucial in terms of succession planning. We need to be there for our companies, both financially and in terms of support. The Fonds’ initiative to create the Propulsion Repreneurship training program at the École d’entrepreneurship de Beauce is a good example of this,” concluded Mr. Pelletier.

$30 million investment in PNCW Ligne de transmission

The Fonds de solidarité FTQ invested $30 million in PNCW Ligne de transmission, limited partnership, to support the use of clean energy in the Windfall mining project. An initiative of the Cree First Nation of Waswanipi, PNCW is responsible for developing an 85.5-kilometre transmission line that will connect Hydro-Québec’s lines to the Windfall Mining Group’s project in the James Bay territory. The transmission line will reduce the use of fossil fuels by replacing them with hydroelectricity, cutting diesel use by an estimated 64 million litres and CO 2 emissions by 174,000 tonnes annually.

“The Fonds has demonstrated that we can fight climate change without compromising regional economic growth. The Fonds continued to actively invest in 2023-2024 with a view to reaching $12 billion in sustainable assets. Our backing of PNCW Ligne de transmission is proof of that,” concluded Mr. Pelletier.

The Fonds’ financial results and share price will be unveiled on June 21, 2024.

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of 769,459 shareholders.

With net assets of $18.9 billion as at November 30, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments based on the belief that impact is created as much by financial as social returns. For more information, visit fondsftq.com or our company page on LinkedIn .

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