Pit Caribou microbrewery acquired with $3.4 million in financing from BDC Capital and Desjardins Capital
QUÉBEC AND L'ANSE À BEAUFILS, July 10, 2019—BDC Capital’s Growth & Transition Capital division and Desjardins Capital have partnered to provide, in equal parts, $3.4 million in financing to Vincent Coderre and Jean François Nellis, two dynamic entrepreneurs from the Chaleur Bay region, to enable them to acquire the Pit Caribou microbrewery in L’Anse à Beaufils in Gaspésie. This non dilutive financing includes flexible repayment terms adapted to this type of transaction, which are designed to promote a smooth transfer of the company. Investissement Québec also participated in this financing.
Pit Caribou, the first microbrewery in Eastern Quebec, has won numerous national and international awards since its founding in 2007, including the award for the best North American Style Blonde or Golden Ale for La Blonde de l’Anse at the Canadian Brewing Awards in May.
"We extend our sincere thanks to BDC Capital and Desjardins Capital for their involvement and support. Thanks to their assistance, the microbrewery is able to better serve its customers and offer quality products. We can now enter a new phase of expansion and look to the future with confidence," said Vincent Coderre, President of the Pit Caribou microbrewery.
"This support from our institutions to local entrepreneurs ensures that Pit Caribou will keep its Gaspé soul and continue to make the region proud," said Pascal Dion, Director, Growth & Transition Capital, Eastern Quebec, at BDC Capital. The business was transferred in accordance with best practices and to the benefit of each of the parties. Vincent Coderre, Jean François Nellis and Francis Joncas, who will remain with the company for the next three years, are now joining forces to take Pit Caribou to new heights."
"With 75% of its business partners outside Montreal and the Capitale Nationale region, Desjardins Capital is proud to contribute to a business transition that allows the gem that is Pit Caribou to remain within Gaspé's brewing heritage and continue to grow," said Martin Labbé, Investment Manager at Desjardins Capital.
About Pit Caribou
Founded in 2007, the mission of the Pit Caribou microbrewery is to craft quality beers by tapping into the resources of the Gaspé region. They are located in L'Anse à Beaufils, a fishing harbour in the town of Percé on the Gaspé Peninsula, and operate pubs in Percé and Montreal. In addition to their production facilities, they have a shop for stocking up on their bottled products and a patio for enjoying their beers by the sea. The company currently has 37 employees.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
About Desjardins Capital
Nearly 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of $2.4 billion, Desjardins Capital helps contribute to the longevity of some 470 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to create and maintain more than 58,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website or our LinkedIn page.