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SGF invests $2.3 million in Élevages Périgord (1993) Inc.
Foie gras producer in Saint-Louis-de-Gonzague in the Montérégie region,
will increase production and build a new plant
Montréal, December 11, 2006 — Société générale de financement du Québec (SGF) is pleased to announce it has acquired a 43% interest in Élevages Périgord (1993) Inc. Located in the Montérégie region, Élevages Périgord is Québec’s largest producer of duck foie gras and its byproducts. The company employs approximately 50 people and sells its products across Québec as well as in major cities in Ontario and the United States.
SGF’s $2.3-million investment in the $6-million project will provide the company with the means to develop this specialized niche of food products, which SGF believes has strong growth potential. It will also enable Élevages Périgord to meet the growing demand for its products and increase its presence in the U.S. market.
'' After some 10 years of work building the production chain, as well as multiple communications efforts, duck foie gras products are now well-established in the North American market,” said Élevages Périgord (1993) Inc. President Christian LANUQUE. “Our company, a subsidiary of the EXCEL DEVELOPPEMENT group in France, has solid expertise in all aspects of its business. In terms of our growth, the time has come to implement this industrial tool to enable us to meet the needs of the market.”
Mr. Lanuque added: “The investment proposal drew us to the people at SGF. Their strong human relations and expertise in various agri-food sectors quickly convinced us that they were the ideal Québec partner to help us succeed in this new challenge.”
In keeping with its mission, SGF provides growth capital to top-performing companies in Québec to help them implement development strategies and maximize productivity. With the $2.3-million investment, SGF will be supporting Élevages Périgord through a new growth phase. The company will build a new slaughterhouse and packing plant specifically for duck foie gras. The new plant will be equipped with modern and proven technology that will enable the company to substantially improve efficiency.
“It is always a pleasure to work with people who want to accelerate the growth of their company, and that’s where SGF can make a difference,” said a delighted Pierre Shedleur, President of the government corporation. “The investment we are announcing today will enable Élevages Périgord to become a competitive player in the North American market for niche food products. By participating in this project, SGF is helping Élevages Périgord strengthen its leadership position in this sector in Canada and to bolster its development in the U.S. market.”
For his part, Raymond Bachand, Québec Minister of Economic Development, Innovation and Export Trade, said: “Élevages Périgord’s business vision revolves around innovation through the use of state-of-the-art technology; the company’s aim is to maintain a strong position in a specialized niche. This partnership will give it access to the capital it needs to continue its strategic development.”
The project will also contribute to the development of this burgeoning market. With its new plant, Élevages Périgord will be able to offer its specialized slaughtering and packing services to other duck foie gras producers. This will enable Périgord to reduce its slaughtering and packing costs while providing its competitors with this service at a location close to their own facilities and at a competitive cost. As a result, the entire industry will be able to capitalize on the SGF investment to increase productivity.
Périgord is certified in accordance with international standards for food safety and food processing, and is therefore authorized to sell its products worldwide.
Société générale de financement du Québec (sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, particularly in the industrial sector, in cooperation with partners, and in compliance with accepted profitability requirements and the economic development policy of the Government of Québec.
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Sources:
Marie-Claude Lemieux
Senior Communications and Media Relations Advisor
Société générale de financement du Québec
Tel.:
Cell:
Damir Croteau, Press Secretary
Office of the Minister of Economic Development, Innovation and Export Trade
Tel.:
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