Agropur Funding, Investors & Competitors

Agropur has raised $770M across 2 funding rounds, most recently a $300M undisclosed-stage round in December 2015.

Last Agropur funding round

$300M

Undisclosed stage · Dec 2015

Cumulative funding Agropur raised

$770M

across 2 funding rounds

Key investors in Agropur

  • Investissement Quebec
  • Fonds de solidarité FTQ
  • La Caisse
  • Fondaction
  • National Bank of Canada
  • Capital régional et cooperatif Desjardins

Agropur Overview

About Agropur

Agropur is a Granby, Quebec-headquartered dairy cooperative founded in 1938 that ranks among the world's top 20 dairy processors. The organization produces milk, cheese, yogurt, butter, and dairy ingredients from facilities across Canada and the United States, emphasizing innovation in product development and supply chain management.


Founded

1938

HQ

CanadaMontreal

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Agropur Funding History

Agropur has raised a total of $770M across 2 funding rounds.

Agropur's first fundraising round was a $470M undisclosed-stage round in December 2014. The most recent completed round was a $300M undisclosed-stage round in December 2015.

Agropur funding rounds

Agropur funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2015Undisclosed stageLa Caisse (lead); Fonds de solidarité FTQ; Capital régional et cooperatif Desjardins; National Bank of Canada; Fondaction; Investissement Quebec$300MAgropur is a Canadian dairy cooperative focused on milk processing and dairy product manufacturing across North America. In December 2015, it completed a second issuance of first preferred shares totaling $300 million to a consortium of Quebec investors including La Caisse de dépôt et placement du Québec (lead), Capital régional et coopératif Desjardins, Fondaction, Fonds de solidarité FTQ, Investissement Québec, and National Bank of Canada. This followed a prior similar issuance and supported debt management and growth from recent acquisitions such as U.S.-based Davisco dairy processing assets and Canadian assets from Sobeys and Northumberland, positioning Agropur as one of North America's largest dairy processors with 41 plants and annualized milk processing of 5.3 billion litres. For its fiscal year ended October 31, 2015, Agropur reported sales of nearly $5.9 billion, a 26% increase from 2014 driven by acquisitions, and adjusted EBITDA of $306 million, up 10.2%. These acquisitions and investments boosted revenues and EBITDA but increased amortization and financial expenses, leading to a 37.6% drop in earnings before patronage dividends and income tax. Net assets totaled $1.8 billion, with members' equity at $1.291 billion, up 5%. The transaction aligned with Quebec funds' strategy to support high-performing local businesses expanding internationally, as noted by La Caisse. Post-deal, Agropur expected sales over $5.8 billion annualized. Despite a challenging environment with declining global dairy prices and Canadian market competition, the cooperative emphasized a strong financial position while prioritizing bank debt reduction through the preferred shares issuance.
Dec 2014Undisclosed stageLa Caisse (lead); Fonds de solidarité FTQ; Capital régional et cooperatif Desjardins; National Bank of Canada; Fondaction; Investissement Quebec$470MAgropur is a Canadian dairy cooperative that grew into one of the largest dairy processors in North America through acquisitions in Canada and the US. In December 2014, it received investments totaling around $470-520 million from a consortium including La Caisse (CDPQ, $150M), Capital régional et coopératif Desjardins ($50M), Fondaction, Fonds de solidarité FTQ, Investissement Québec, and National Bank of Canada to support expansion and recent acquisitions. This funding financed growth strategy, plant investments, and consolidation in the competitive global dairy industry. For fiscal 2014, Agropur reported consolidated revenues of $4.7 billion, up 21.3% year-over-year, with sales rising from $3.2 billion in 2010. EBITDA, restated for Davisco inventory accounting and one-time costs, reached $270.6 million, a 3.1% increase. Members' equity stood at $1.2 billion, and the company consolidated credit facilities to nearly $2 billion, using just over half by November 2014, maintaining a sound financial position despite higher debt. The investment positioned Agropur to double production by 2018 and compete internationally as the only North American player with sufficient scale in its sector. La Caisse highlighted Agropur's ranking among top North American dairy processors post-acquisitions.

Who has invested in Agropur?

6 investors have backed Agropur across its funding rounds, including Investissement Quebec, Fonds de solidarité FTQ, La Caisse, Fondaction, National Bank of Canada and Capital régional et cooperatif Desjardins.

Lead investors include La Caisse.


Agropur Investors

Investors in Agropur by funding rounds participated
InvestorHQRoundsRoleFirst check
Fonds de solidarité FTQCanadaMontreal2ParticipantDec 2014
Capital régional et cooperatif DesjardinsCanadaMontreal2ParticipantDec 2014
La CaisseCanadaMontreal2LeadDec 2014
National Bank of CanadaCanadaCanada2ParticipantDec 2014

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Acquisitions by Agropur

Agropur has acquired 2 companies to date.

Last acquisition by Agropur was on February 2nd 2017. Agropur acquired Scotsburn Cooperative Services Limited for undisclosed valuation.


Latest Acquisitions by Agropur

Scotsburn Cooperative Services Limited
Davisco Foods International
Description
Scotsburn Co-operative Services Limited is a Bridgewater-headquartered dairy processor in Nova Scotia, Canada. The cooperative produces fluid milk, cream, yogurt, ice cream, and butter under the Scotsburn brand distributed across Atlantic Canada. It sources milk from local farmers and maintains processing facilities focused on pasteurized and homogenized dairy products for retail and foodservice channels.
Le Sueur-based Davisco Foods International produces dairy ingredients such as sweet whey powder, whey protein concentrates, lactose, and milk replacers for food manufacturers worldwide. The company operates processing plants in Minnesota and Idaho, exporting to over 40 countries including major clients in bakery, confectionery, and infant nutrition sectors. Founded in 1983, it sources milk from Midwest dairies processing over 10 million pounds daily.
HQ CountryCanadaUnited States
HQ City
Truro
Minnesota City, MN
Deal Date2 Feb 201723 Jul 2014
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Agropur Competitors

Agropur competitors include listed companies like Coca-Cola, Nestlé, PepsiCo and AB InBev, and private ones like Chobani and Froneri.

Public and private companies comparable to Agropur
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Coca-ColaUnited StatesUnited StatesPublicly listed$48B$18B$379B8.3x
NestléSwitzerlandSwitzerlandPublicly listed$109B$19B$245B2.8x
PepsiCoUnited StatesUnited StatesPublicly listed$94B$16B$182B2.3x
AB InBevBelgiumBelgiumPublicly listed$59B$20B$157B3.6x
ChobaniUnited StatesUnited StatesPrivate$3.8B-$20B5.3x
FroneriUnited KingdomHarrogatePrivate$11B-$17B1.6x

Agropur Public Comps

Agropur is still privately-owned, but its public comps include Coca-Cola, Nestlé, PepsiCo, AB InBev, Unilever, Monster Beverage, Mondelez, Nongfu Spring, Hindustan Unilever and Coca-Cola Europacific Partners.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Coca-Cola$48B$18B8.5x8.3x22.8x24.1x
Nestlé$109B$19B2.9x2.8x16.2x14.4x
PepsiCo$94B$16B2.4x2.3x14.5x11.8x
AB InBev$59B$20B3.9x3.6x11.7x10.0x
Unilever$58B$12B2.9x2.8x13.6x12.4x
Monster Beverage$8.3B$2.5B10.1x9.0x33.3x28.9x
Mondelez$39B$4.7B2.6x2.5x21.4x14.9x
Nongfu Spring$7.8B$3.5B6.9x6.3x15.2x14.0x

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Common questions about Agropur

When was Agropur founded?Agropur was founded in 1938.
Where is Agropur headquartered?Agropur is headquartered in Montreal, Canada.
Is Agropur publicly listed?No, Agropur is a private, VC-backed company.
How much funding has Agropur raised?Agropur has raised $770M across 2 funding rounds.
What was Agropur's last funding round?Agropur's last funding round was a $300M undisclosed-stage round in December 2015, led by La Caisse.
Who are Agropur's investors?Agropur's investors include Fonds de solidarité FTQ, Capital régional et cooperatif Desjardins, La Caisse, National Bank of Canada, Fondaction and Investissement Quebec.
Which companies are comparable to Agropur?Companies comparable to Agropur include Coca-Cola, Nestlé, PepsiCo, AB InBev, Chobani and Froneri.
How many companies has Agropur acquired?Agropur has acquired 2 companies, including Scotsburn Cooperative Services Limited and Davisco Foods International.

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