Investissement Québec completes $13 million co-investment in WeCook Meals with Claridge Food Group
May 24, 2022
13.00 Million CAD
On May 25, 2022, Investissement Québec (‘‘IQ’’) completed a $13 million co-investment in WeCook Meals, a ready-to-eat food processor in Québec and Ontario, as part of a $40 million strategic investment by Claridge Food Group. Desjardins Capital, who had participated in two previous funding rounds of WeCook Meals, also reinvested $3 million in the company.
Claridge Food Group is an investment vehicle created by Claridge Inc. with the participation of IQ, the Fonds de solidarité FTQ, and Desjardins Capital. Its mission is to support Quebec food processing companies with significant growth potential by providing them with financial resources, managerial and operational support, knowledge of global trends, and a large network of partners to support and accelerate their growth in Quebec, Canada and North America.
Investissement Québec's mission is to play an active role in Quebec's economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province's administrative regions, the corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, it also prospects for talent and foreign investment and assists Quebec businesses with export activities.
WeCook concepts, develops and prepares ready-to-eat meals and snacks using fresh ingredients sourced from local suppliers in a zero-waste facility, which are intended for sale and delivery to individuals and businesses.
McCarthy Tétrault advised IQ with a team led by Mathieu Laflamme that included Alexandre Saulnier-Marceau, Nicolas Gervais (Private Equity), Christian Meighen, Fred Purkey and Julien Leblanc (Tax).