Claridge Foods Group Announces $40 Million Strategic Investment in WeCook Meals

This major investment marks a new stage in the Repas WeCook development plan. We have experienced strong growth in recent years, and this injection of new capital, combined with Claridge Food Group’s industry expertise, will enable us to cement our position as a leader in ready-to-eat foods delivered to your home, Quebec and Ontarioaccelerating our growth through Canada. “We want to be the clear reference brand in ready-to-eat foods for all Canadians,” said Etienne Blourd, founder and CEO of WeCook Repas.

The Canadian food delivery market, along with e-commerce, is growing rapidly and was valued at more than five billion dollars in 2021. WeCook Meals features a unique offering of fresh and ready-made meals, catering to the needs of the growing number of people who want to eat well , but they don’t have time to cook. The company wants to accelerate the growth of its annual sales (more than four million meals in 2021), relying primarily on its extensive experience in food processing, on its high-quality meals, on menu customization and excellence in digital marketing.

“We want to increase awareness of our unique offerings to increase the number of our customers and our total revenue. Our flexible business model allows us to effectively manage the impact of inflation on food prices, and to adapt the selection of ingredients presented on our weekly menus. This investment will allow us to accelerate the revolution of fresh and ready-to-eat meals, by Providing consumers with a wide range of healthy, delicious and convenient meals at affordable prices”, added Etienne Belourd.

“Repas WeCook has become, in just a few years, the first ready-to-eat company in Canada, thanks to the support of financial partners such as Desjardins Capital and Investissement Québec in particular. The new investment we are announcing demonstrates the deep confidence of all Claridge Food Group partners in WeCook Meals’ vision and business plan. We will work with WeCook Meals management to provide them with the financial capabilities as well as our expertise to grow their food manufacturing business, adding value throughout their development,” Pierre BoivinPresident and CEO of Claridge Corporation.

“The agri-food industry is a key sector of our economy and one of the priority industries at Investissement Québec to ensure sustainable economic development throughout Quebec. By participating in this round of funding, we are proud to contribute to the realization of growth projects for a young company like WeCook Repas and to continue the unifying role which we have undertaken with the financial ecosystem, in particular to facilitate access to development capital” Jay LeBlancPresident and CEO of Investissement Québec.

“Our $10 million stake in Claridge Food Group’s new financial instrument allows us to combine the credibility, expertise and agility of Desjardins Capital with the cutting-edge expertise in the food processing sector offered by this organization,” said Marie Helen Nolly, Chief Operating Officer. Desjardins Capital Officer. “As this joint investment in WeCook Meals demonstrates, our partnership will help agrifood companies embark on their growth journey and overcome inflation and supply challenges, while remaining connected to changing consumer habits. We are very proud to provide additional leverage to this company we have supported since 2019, and respect Always see the founders.”

Consultants

Raymond Chabot Grant Thornton and Desjardins Capital Markets acted as financial advisors to WeCook Repas in connection with the transaction.

About the group
Claridge’s food

the group Claridge Foods is an investment vehicle created by Claridge Corporation, in partnership with Investissement Québec, Fonds de Solidarité FTQ, and Desjardins Capital, whose mission is to support Quebec food manufacturers that offer significant potential for growth, by providing them with financial resources, administrative and operational support, and knowledge Global trends and a wide network of partners to support and accelerate their growth in Quebec, Canada And in North America.

About WeCook Meals

WeCook Meals was founded in 2013 by two young entrepreneurs who wanted to spend less time in the kitchen, without compromising on the quality of nutritious food. All meals are prepared by an on-site chef, using only the freshest ingredients from local suppliers and crafted in a zero-waste environment. As an industry leader, WeCook Meals has grown by 300% and It has managed to create 600 new jobs in Quebec in recent years. Headquartered in Montreal, the company currently has two production centers and serves more than 4 million meals annually in Ontario And in Quebec. To access images in HR.

About Investissement Québec

Investissement Québec’s mission is to actively participate in Quebec’s economic development by stimulating commercial innovation, entrepreneurship and acquisitions, as well as investment and export growth. Present in all administrative regions of Quebec, the company supports the creation and development of businesses of all sizes through investments and appropriate financial solutions. Investissement Québec also offers several advisory services, including technology support from Investissement Québec – CRIQ. In addition, thanks to Investissement Québec International, it supports Québec companies in their export projects, while ensuring talent exploration and foreign investment in Québec.

About Desjardins Capital

Backed by more than 45 years of experience, Desjardins Capital’s mission is to promote, support and retain small and medium-sized businesses in Quebec. With assets under management of $3.0 billion as of December 31, 2021, Desjardins Capital contributes to the sustainability of more than 670 companies, cooperatives and funds operating in various sectors of activity and from all regions of Quebec. In addition to helping maintain and create several thousand jobs, this sub-group Desjardins Group provides entrepreneurs with access to a large business network to support the growth of their businesses.

About Claridge

Claridge is a Montreal-based private investment firm that represents the interests of a family Stephen BronfmanThe goal is to maximize long-term capital. Claridge is actively involved in managing a diversified portfolio of investments in private companies as well as third-party managed funds in a variety of industries around the world. As a strategic financial investor, his direct holdings span several industrial sectors, including food, technology, entertainment and real estate. Claridge focuses its investments in small and medium-sized businesses and brings its expertise in partnership with management to accelerate their growth.

SOURCE Claridge Food Group

For more information: WeCook Meals, Christina Krcevinac, Senior Marketing Manager, Tel: 1514562-4904 [email protected]; Claridge, Director, Claridge Foods Group, Daniel Granger, Tel: 1556 1514232, [email protected]; Investissement Québec, Catherine Salvail, Advisor, Media and Government Affairs, Tel: 1514876-9600, [email protected]; Desjardins Capital, Marc Antoine Lavoie, Senior Adviser, Public Relations, Tel: 8853-1418563, [email protected]

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