CDPQ and IQ snap up minor stakes in Simons

CDPQ and IQ snap up minor stakes in Simons | Smart Association - PCMA

CDPQ and IQ snap up minor stakes in Simons

Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ) have invested $44 million in La Maison Simons Inc., a family owned firm. CDPQ and IQ are investing $27 million and $17 million respectively.

CDPQ and IQ investment will form part of a $215 million investment for a new, state-of-the-art, multi-service fulfilment centre slated to open in 2020.

Québec government will provide an $81 million term loan, $51 million of which will be used to purchase automated equipment.

The multi-service fulfilment centre’s construction will begin over the next few weeks. Property financing (building and land) required the implementation of a real estate partnership that will involve the Simons family, CDPQ, IQ, and Fonds immobilier de solidarité FTQ which is contributing $20 million for purchasing the land and building the new centre, which will be worth approximately $100 million. Based on the agreement, Simons will be the long-term tenant of the facility.

Founded in 1840 by John Simons and currently led by brothers Peter and Richard Simons, Simons offers an extensive and fashion-forward collection of its own exclusive and innovative private label brands for men and women. Simons also carries home fashions for the bedroom, bathroom and kitchen.

This article has been edited. It first appeared on Private Capital Journal, a site managed by CPE Media Inc, the official data provider for PCMA. Read the rest of the article here.

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