Fonds de solidarité FTQ has acquired a minority stake Chocmod Canada for undisclosed mount.

Fonds de solidarité acquires minority stake in Chocmod

Fonds de solidarité FTQ has invested undisclosed amount in Chocmod Canada Inc. in exchange for a minority stake in the company. The investment was closed in December 2016. Chocmod Canada also secured a new loan from National Bank, its partner since 2011.

Founded in 1948, Chocmod is a French company specializing in the confection of French cocoa truffles. Owned by Ghislain Lesaffre and Antoine Fortin since 2008, the compnay opened its St-Jean-sur-Richelieu plant in Quebec in April 2011. Chocmod’s cutting-edge plant is the only French cocoa truffle confectionary in North America.

Chocmod makes Truffettes de France products. The company, which has 40 employees at its Montérégie facilities, is now exporting its Québec-made products all across the U.S. Previously, the products were imported from Europe.

“Québec was a natural choice for Chocmod’s North American development. Being close to the U.S. border gives us access to a very important market, and the fact that France and Québec share a common language facilitates communication between our two plants. Now, with the new investments of the Fonds de solidarité FTQ and National Bank, we have the means to continue growing here in Québec,” said Ghislain Lesaffre, President of Chocmod Canada.

“With its proximity to large markets, Québec is a strategic choice for agrifood companies looking to break into North America. Thanks to its artisanal know-how and cutting-edge industrial processes, Chocmod Canada continues to make a name for itself with the large chains and consumers,” added Janie Béïque, Senior Vice-President, Industries, Entertainment and Consumer Goods, Fonds de solidarité FTQ.

“National Bank has proudly supported Chocmod in building its business in Québec from the early stages and throughout its various development phases. With its growth-oriented business model and passionate team, Chocmod has everything it needs to reach great heights,” said Patrick Lemelin, Vice-President, Agriculture and Agri-food, National Bank.

photo credit: Chocmod

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.