On June 30, 2022, the Bonduelle Group ("Bonduelle") announced that it had obtained the approval from US and Canadian regulatory authorities and the waiver of conditions precedent allowing it to finalize an agreement with Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec ("CDPQ"), selling 65% of Bonduelle Americas Long Life ("BALL"), with an enterprise value of C$850 million (approximately €625 million), to these investors.
BALL processes and markets canned and frozen vegetables in the United States and Canada, in the retail supermarket and food service sectors, mainly with private labels, third party brands and its own brands such as Arctic Gardens and Del Monte.
This partial disposal follows the strategic review of Bonduelle's activities, and in particular BALL, announced in September 2021. It is intended to enable Bonduelle to further pursue the deployment of its activities, in particular the development of its branded activities, in line with its strategic priorities and its ambition of sustainable growth with positive impact.
Gowling WLG advised Bonduelle with respect to this transaction with a team led by Marc Tremblay and Robert Dorion, and that included, among others, Georgi Paskalev, Yasmine Mekallach and Angelique Merakos (corporate/M&A), Jean-François Vadeboncoeur and Larisa Albu (banking); Laura Gheorghiu (tax); Nicolas Cayouette and Kathryn Chadwick (environment); Ian Macdonald (competition); Pierre-André Hamel (real estate); and Philippe Matziorinis (IP).