Bonduelle announces the sale of 65% of Bonduelle Americas Long Life to the Fonds de solidarité FTQ and CDPQ

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A French SCA (Société en commandite by Shares) with a capital of 57,102,699.50 euros
Headquarters: La Woestyne 59173 Renescure, France
Registered under number: 447 250 044 (Dunkirk Trade and Companies Register)

Villeneuve d’Ascq, France, June 30, 2022 – Information release

Bonduelle announces the sale of 65% of Bonduelle Americas Long Life to
the Solidarity Fund QFL and the CDPQ

The Bonduelle Group has obtained the approval of the American and Canadian regulatory authorities and the lifting of the conditions precedent allowing it to finalize the agreement with the institutional investors Fonds de solidarité FTQ and CDPQ, for the acquisition, in equal shares between them, of 65% of Bonduelle Americas Long Life (BALL) and based on an enterprise value at 100% of 850 million Canadian dollars (around 625 million euros), i.e. a 2020-2021 EBITDA multiple of 8 ,2x.

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With sales of C$943 million for fiscal year 2020-2021, BALL is dedicated to the processing and marketing of canned and frozen vegetables in the United States and Canada, in the sectors of large distribution and catering, primarily with private labels, third party brands and own brands such as Arctic Gardens and Del Monte.

This transaction will enable the group to continue to deploy its activities, particularly in the brands, in line with its strategic priorities and its ambition for sustainable growth with a positive impact.

The net proceeds of the sale will be determined on the basis of the accounts at the date of the transaction, currently being drawn up, and will be recorded in the Bonduelle Group’s accounts for the financial year ending June 30, 2022.

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Bonduelle was advised by Rothschild & Co and BNP, and by PwC for financial and tax due diligence, as well as by the law firms Gowling in Canada and Willkie Farr & Gallagher LLP in France and the United States.

Both the Fonds de solidarité FTQ and the CDPQ were assisted by the Canadian law firm Blakes (Blake, Cassels & Graydon SENCRL / srl) and K&L Gates LLP in the United States.

The new structure resulting from the agreement between Bonduelle, the Fonds de solidarité FTQ and the CDPQ is financed by TD Securities, which acted as co-subscriber, sole bookrunner, co-manager and administrative agent for the the company’s senior secured credit facilities totaling C$575 million alongside Rabobank acting in syndication, as well as Investissement Québec (IQ) as a subordinated lender.

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Press contacts:

For Bonduelle:
Benjamin Zehnder – Square RPs – Tel: +33 (0)6 76 41 18 19
Vanessa VAZZAZ – Square RPs – Tel: +33 (0)6 34 32 24 23
Valerie Lavoie – Massy Forget Langlois PR – Tel: +1 438 885 9135

For the Solidarity Fund QFL:
Frederic The way-gamache – Advisor, Press Relations – Tel: +1 438 364 1596

For the Fund:
Kate Monfette – Senior Advisor, Media Relations – Tel: +1 514 847 5493

About Bonduelle

We want to inspire the transition to a plant-based diet, to help peoples well-being and health of the planet. We are a French family business with 14,700 employees and we have been innovating with our farming partners since 1853. Our products are cultivated on 50,000 hectares and marketed in 100 countries, with a turnover of 2,779 million euros.

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About the Solidarity Fund QFL

The Solidarity fund The FTQ invests in a better society with the savings of its 734,580 shareholders. Thanks to its developmentd venture capital investments, Funds seeks to contribute to the transition to a greener economy, a people-centred world of work and a healthier society. It offers businesses unsecured financing and strategic support. With net assets of C$ 18.3 billion as of November 30, 2021, the Funds supported more than 3,400 partner companies and more than 247,000 jobs.

About the Fund

At the CDPQ, we invest constructively to generate long-term sustainable returns. As a global investment group managing funds fon public pension and insurance plans, we work alongside our partners to build companies that drive performance and progress. We are active in the main financial markets, private equity, infrastructure, real estate and private debt. As of December 31, In 2021, the net assets of the CDPQ totaled 420 billion Canadian dollars. CDPQ is a registered trademark owned by the Caisse de depot et placement du Québec and used under license by its subsidiaries.




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