Saint-Methode Bakery was bought by American and Quebec capital

Swander Pace Capital (SPC), a San Francisco consumer goods private placement firm, has acquired Boulangerie St-Méthode, a purveyor of healthy, fresh, value-added breads based in Adstock, Chaudière Region-Appalachia.

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To do this, the private fund joined forces with Caisse de dépôt et placement du Québec (CDPQ) and Roynat Investment Partners, a subsidiary of Scotiabank.

“These transactions are the result of careful planning aimed at ensuring the long-term future of Boulangerie St-Méthode in Adstock and elsewhere in Quebec,” Boulangerie St-Méthode president Benoit Foucher said in a press release.

Jobs are managed

He said he would continue to “play an advisory role to the management team while ensuring a smooth transition”.

“Our new partners share our values, which are anchored in our family business culture, particularly reflected by the current management team and the management of all jobs. […] », insisted Mr. Foucher.

Expansion plans

Last August, Boulangerie St-Méthode said it was looking for new partners to finance its expansion projects in Ontario and the United States.

In response to questions from NewspaperThe Adstock company, based near Thetford Mines, also published a press release in which it confirmed it was studying “the possibility of joining forces with various business partners”.

“CDPQ is proud to partner with Boulangerie Saint-Method to support this prosperous company in the Quebec food sector in its succession process and its growth projects in the Canadian and American markets,” said Kim Thomasin, first vice-president and head of CDPQ Quebec, in a press release.

Assistance from the state

Over the past 15 years, Boulangerie Saint-Method Investments has benefited from at least $4 million in aid from Quebec and the Quebec government.

In February 2023, a month before closing its Magog factory, the company received a $100,000 grant from the Economic Diversification Fund for the MRC des Appalaches region.

In 2018, the company that owns St-Méthode and Groupe BSM received $3 million as part of the Quebec government's Essor program.

Finally, Boulangerie Saint-Method received a $961,000 grant from Quebec in 2008 through Investment Quebec and the then-Ministry of Economic Development, Innovation and Export.