Canadian pension fund Caisse invests in French caterer Elior

Wed Mar 2, 2016 4:23pm EST
 
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* Caisse vows to support Elior's global expansion plans

* Caisse has disclosed its stake is over 5 percent

March 2 (Reuters) - Canada's second-largest pension fund, Caisse de depot et placement du Quebec, on Wednesday purchased a minority stake in Elior and said it would support the French catering group's growth plans.

Caisse executive Andreas Beroutsos said the acquisition was in line with the fund's strategy of investing in businesses resilient to economic cycles that generate attractive returns over the long-term.

"We also intend to make our network and knowledge of the North American market available to Elior Group to further its global expansion," he said.

Elior provides food for schools, businesses and hospitals as well as airports, train stations and highway service centres.

Caisse, Quebec's public pension fund manager, said it would be represented on Elior's board of directors following the transaction.

Caisse has disclosed that its stake in Elior will be more than 5 percent but the precise level of its investment and size of its stake was not disclosed. Elior is valued at $3.5 billion, based upon its current share price. (Reporting by Matt Scuffham; Editing by Andrew Hay)