Cultures Gen V, the largest diversified greenhouse producer in Quebec and one of the largest in the northeastern United States, is proud to announce active participation from Fondaction and Investissement Québec in the family-owned business. This major partnership will support the rapid growth of Cultures Gen V and accelerate the implementation of its new vision for agriculture.
The support from Fondaction and Investissement Québec will also strengthen the company's governance and contribute to a successful transition to the second generation of the Terrault family, who are poised to take over from the founders. The announcement aligns with Cultures Gen V's broader business strategy to promote Quebec's food autonomy through sustainable greenhouse cultivation, offering diverse, fresh, and healthy products to consumers.
Enhance internal expertise and endure sustainable expansion
This investment will enhance internal expertise and enable the company to benefit from their support in a desire for sustainable, robust, and enduring expansion, with an eye on future opportunities. It is noteworthy that the Terrault family will maintain and hold the majority of Gen V's share capital.
Founded 37 years ago, Cultures Gen V has seen significant growth in recent years, including the acquisition of Serres Royales earlier in 2023. The company currently employs approximately 450 people across four greenhouse complexes, totaling 36 hectares, where it hydroponically cultivates conventional lettuce and tomatoes, as well as organic cucumbers, peppers, mini cucumbers, and tomatoes. Its products are distributed in Quebec, Ontario, the Eastern Canada region, and the United States.
"We are extremely proud to have the support of credible and recognized partners like Fondaction and Investissement Québec to strengthen the foundation of the company at a crucial stage of its growth. This is significant support for our values and our vision of sustainable agriculture, respecting people and the environment."
- Simon Terrault, 2nd generation, CEO at Cultures Gen V Inc.
"We are pleased to actively participate in the growth projects of Cultures Gen V. Alongside Fondaction, Investissement Québec facilitates access to capital for this family-owned company, positioning itself favorably as one of the key players in the Quebec greenhouse industry. In Montérégie and across Quebec, our teams have everything in hand to promote the emergence and competitiveness of our innovative businesses."
- Guy LeBlanc, President and CEO of Investissement Québec
"Fondaction is partnering with a leader in the greenhouse industry whose production methods are at the forefront, both environmentally and in producing quality Quebec food. The impact of such a partnership is undeniable for the sustainability of the Quebec agri-food sector."
- Claire Bisson, Deputy Head, Impact and Sustainable Investments at Fondaction
About Cultures Gen V
Formerly known as Mirabel (Hydroserre), Cultures Gen V is now the largest producer of diversified greenhouse vegetables in Quebec. It hydroponically cultivates conventional lettuce and tomatoes, as well as organic cucumbers, peppers, mini cucumbers, and tomatoes on four greenhouse complexes. Operating in the industry for over 36 years, the family-owned company also cultivates over 60% of vegetable transplants used by Quebec market gardeners and markets its production under the Gen V trademark since the beginning of 2023.
SOURCE Cultures Gen V.
For more information: Sébastien Verret, TACT, Cell: 581-996-1346, sverret@tactconseil.ca
