GFI Solutions Group Inc.

GFI Solutions Group Inc.

March 09, 2012 15:53 ET

GFI Solutions Back in Quebec Hands

MONTREAL, QUEBEC--(Marketwire - March 9, 2012) - French IT consultancy GFI Informatique S.A.'s stake in Groupe GFI Solutions ("GFI Solutions") has been bought out by members of the GFI Solutions management team in partnership with Investissement Québec, Capital régional et coopératif Desjardins, and Fonds de solidarité FTQ. The partners in the acquisition are proud to have brought the company back under Québec control.

GFI Informatique agreed to part with its Canadian subsidiary in order to focus on its main market in Europe. The subsidiary specializes in developing, integrating, and providing support for management software as well as providing electronic payment, professional, and technical services for businesses of all sizes. GFI Informatique sold its 62.4% stake for $75 million. Fonds de solidarité FTQ and GFI Solutions management members already held stakes of 31.1% and 6.7% respectively.

Following the transaction, Fonds de solidarité FTQ will hold 38.4% of shares, Investissement Québec, 27.6%, Capital régional et coopératif Desjardins, 19.7%, and GFI Solutions management members, 14.3%.

The Minister responsible for Seniors and MNA for Saint-Henri-Sainte-Anne, Marguerite Blais, who attended the announcement on behalf of her colleague, Sam Hamad, Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region, expressed delight that the company was now 100% in Québec hands. "There is much talk about how important it is to attract corporate headquarters to Québec and keep them here, so this partnership is a welcome boost to the province's IT industry and will ensure that Quebecers are the ones making the decisions and determining strategies for this company, which has such potential for value-added growth."

"We are proud to play a part in bringing a company of such note back into Québec hands through our support for a seasoned team of executives," commented Jacques Daoust, president and CEO of Investissement Québec. "We are helping GFI Solutions consolidate its position in Québec and continue to grow across North America."

For Marie-Claude Boisvert, COO of Desjardins Venture Capital and vice president of development capital and business ownership transfers at Desjardins Group, the new partnership dovetails perfectly with the mission of Capital régional et coopératif Desjardins. "We look to support businesses that are building for the long term and creating quality jobs in Québec. Our partnership with GFI Solutions and its management team is a compelling example of this."

"We are pleased to welcome two new Québec financial partners as we pursue development at one of the province's leading IT solution providers. Fonds de solidarité FTQ is proud to contribute to the growth and success of promising Québec companies, as was the case when it first invested in GFI Solutions in 2008," said Yvon Bolduc, president and CEO of Fonds de solidarité FTQ.

"We are very satisfied with how the transaction has worked out," commented Gilles Létourneau, president and CEO of GFI Solutions. "It gives us the leeway we need to actively pursue our strategy of growth through acquisitions. Our new shareholders appreciate and share our management's vision of GFI's future on the Canadian and North American markets. We already enjoyed financial backing from Fonds de solidarité FTQ and today we are very proud to welcome Investissement Québec and Capital régional et coopératif Desjardins to continue our development."

About GFI Solutions

A leader in the Canadian IT industry, GFI Solutions specializes in the design, implementation, integration, and support of business software solutions, in the development of e-business solutions, and in electronic payment, professional, and technical IT services. In business since 1988, GFI Solutions is currently experiencing an active growth phase. Its most recent acquisitions include Tender Retail, activeMedia Développement, Fortsum Business Solutions (now GFI SMB Solutions), and Bell Business Solutions (now GFI Business Solutions). These acquisitions have enabled the company to conquer promising vertical markets and extend its product and service offering to businesses of all sizes, as well as to municipalities and other public service organizations.

About Capital régional et coopératif Desjardins

Capital régional et coopératif Desjardins, this year celebrating its 10th anniversary, is a publicly traded company managed by Desjardins Venture Capital. With 106,577 shareholders and net assets of $1,220,400 million, the company contributes to Québec's economic development while driving the growth of cooperatives and the resource regions. Capital régional et coopératif Desjardins directly and indirectly supports close to 300 companies, cooperatives, and funds in various industries spanning all regions in Quebec. (capitalregional.com)

About Investissement Québec

Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

About Fonds de solidarité FTQ

Fonds de solidarité FTQ helps drive our economy. With net assets of $8.2 billion as at November 30, 2011, the Fund is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth and create and maintain jobs. The Fund is a partner, either directly or through its network members, in 2,129 companies. With its 583,235 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain, and protect 160,789 jobs. For more information, visit www.fondsftq.com.

Contact Information

  • Information:
    Caroline Doyon
    Simard Hamel Communications
    514 287-9811, ext. 25
    c.doyon@shc.ca

    Source and information :
    Marie-Eve Morneau
    Press Officer
    Office of the Minister Responsible for Seniors
    418-646-7757

    Patrick McQuilken
    Senior Press Relations and Communications Officer
    Fonds de solidarite FTQ
    514-850-4835

    Marie-Eve Savard
    Government Relations and Public Affairs Advisor
    Investissement Quebec
    514-873-7161

    Dany Beaudet
    Director, Corporate Communications
    Groupe GFI Solutions Inc.
    418-877-5051 ext. 2272

    Nathalie Genest
    Spokesperson
    Desjardins Group
    514-281-7275 or 1-866 866-7000, ext. 7275
    media@desjardins.com

    Harold Fortin
    Press Officer
    Office of the Minister of Economic Development,
    Innovation and Export Trade and Minister Responsible for
    the Capitale-Nationale Region
    418-691-5650