CPE News (11/09/2020) – Joseph Ribkoff Inc., a portfolio company of Novacap, has raised $10 million, $5 million each, from Fonds de solidarité FTQ and Export Development Canada (EDC).
Founded by Joseph Ribkoff in 1957, Joseph Ribkoff Inc. is one of the leading women’s ready-to-wear brands in the Canadian market.
In 2017, Novacap, in partner with with Fonds de solidarité, Joseph Ribkoff and company executives, acquired a controlling interest in company.
photo credit: Joseph Ribkoff
News Release
Fonds de solidarité FTQ and EDC Invest $10 million in Joseph Ribkoff
These investments are part of a partnership between the two organizations to support businesses during the pandemic
MONTRÉAL, Nov. 9, 2020 /CNW Telbec/ – As the pandemic continues to take its toll on the economy, the Fonds de solidarité FTQ (the “Fonds”) and Export Development Canada (“EDC”) are each investing up to $5 million in Joseph Ribkoff Inc. to help the company deal with this period of uncertainty.
The Joseph Ribkoff company was founded in 1957 by the person which bears its name, when he was only 21 years old. Over the years, it has become one of the leading women’s ready-to-wear brands in the Canadian market. Now present in over 64 international markets, it has adapted to new platforms, while remaining true to the multiple needs of women.
“In collaboration with institutional investment partners like Fonds de solidarité FTQ, EDC’s investment Matching Program provides urgently needed capital to Canadian businesses with the goal of accelerating their growth plans and supporting them through these challenging economic times,” Said Carl Burlock, Executive Vice-President and Chief Business Officer at EDC. “With a presence in more than 64 international markets, Joseph Ribkoff has a long history of making quality clothing and strategic business decisions. This co-investment will enable the company to maintain momentum by adapting to consumer needs in the current business environment.””
“This partnership is the outcome of pre-pandemic discussions between the two organizations to collectively help more businesses grow in an increasingly competitive global market. By working with partners in the financial ecosystem such as EDC, we can support more companies like Joseph Ribkoff,” said Alain Denis, Senior Vice-President, Investments at Fonds de solidarité FTQ.
NOVACAP, a Canadian leader in private equity, acquired a controlling interest in the Montréal-based company in 2017. The NOVACAP transaction was supported by the Fonds, founder Joseph Ribkoff and company executives.
“We greatly appreciate the investments of the Fonds and EDC during these tough times when our revenues are down, because it means we can pursue our growth projects and better prepare for the post-COVID period,” said Domenic Mancini Chairman of the Board at Joseph Ribkoff and Senior Partner at Novacap.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With net assets of $13.8 billion as at May 31, 2020, the Fonds has helped create and protect 221,267 jobs. The Fonds has 3,329 partner companies and 707,935 shareholders-savers.
About EDC
A financial Crown corporation, Export Development Canada (EDC) helps Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need—the trade knowledge, financing solutions, equity, insurance, and connections—to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
SOURCE Fonds de solidarité FTQ
For further information: Information for media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Mobile: 514 703-5587, Email: pmcquilken@fondsftq.com; Media: Export Development Canada, 1-888-222-4065, media@edc.ca