Canadian bread maker St-Méthode Bakery (BSM) has seen a reshuffle in its ownership as three private-equity firms partner for a majority stake.
With offices in California, New Jersey, and Toronto, Swander Pace Capital has partnered with CDPQ and Roynat Equity Partners to acquire a majority stake in the bread business.
Financial details have not been disclosed.
Located in the Chaudière-Appalaches region of Québec, BSM will continue to supply customers throughout Québec and other markets from its flagship bakery in Adstock.
Roynat took a minority stake in BSM, the largest independent bakery in Québec, in August 2014 when it purchased shares from members of the Faucher family, leaving Benoit Faucher as the majority shareholder.
In 2018, BSM took full control of the business after buying the stake owned by Roynat Equity Partners.
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“We are delighted to partner with BSM and its existing management team on this exciting and well-known bakery platform that leverages our unique experience in both the bakery sector and the Québec market,” said Tyler Matlock, managing director at Swander Pace Capital.
“This transaction is the result of careful planning to ensure the long-term future of St-Méthode Bakery in Adstock and Québec,” said Benoit Faucher, president of St-Méthode Bakery. “Our new partners share our values, which stem from a family business culture, and this is reflected in the retention of the current management team and all jobs.
Faucher confirmed that he will remain active in the company as an advisor to the management team to “ensure a smooth transition”.
Just Food has contacted BSM for further details on the family’s ownership stake.
“CDPQ is proud to partner with St-Méthode Bakery to support this successful Québec food company in its business transfer process, as well as growth projects in the Canadian and US markets,” said Kim Thomassin, executive vice-president and head of Québec at CDPQ.