Development capital company Solidarity Fund QFL has invested $30 million in Montreal-based portfolio management firm Montrusco Bolton Investments to support its growth and bring voting control of the company back into Quebec-based hands, Solidarity Fund announced on Monday.

“This opportunity fits in perfectly with our strategy of taking a proactive role in Quebec’s financial industry, by investing in companies with strong growth potential,” said Gaétan Morin, the Solidarity Fund’s chief investment officer.

“Our investments help keep principal places of business in the province and provide Quebec portfolio managers with support in developing their expertise.”

He added that the Solidarity Fund is working on another project with Montrusco to enhance its product offering by adding a new category of fund to its line-up. As part of the capital company’s strategic investments, it offers specialized guidance from teams of experts.

“We are thrilled to be partnering with the Solidarity Fund, whose investment is very important to Montrusco’s growth,” said Montrusco CEO Sylvain Boulé. He added that between investments from the Solidarity Fund and Montrusco’s partner Affiliated Managers Group, Inc., the company has enough financial support to remain a private entity.

To date, the Solidarity Fund’s direct and indirect investments in the financial sector have exceeded $545 million.

“We are very proud to be able to contribute to the vitality of Quebec’s financial industry,” said Morin.

IE