MONTREAL, Sept. 23, 2019 /CNW Telbec/ – Communauto is pleased to announce today that Investissement Québec is joining its share capital to grow the Québec business and accelerate its growth, both in Québec and abroad. Under this transaction, Investissement Québec will hold 24% of the shares of the company.
MacKinnon, Bennett & Co. (MKB), which has been a shareholder of Communauto since 2016, also participated in this new round of financing.
Communauto, which is celebrating its 25th anniversary, remains the largest carsharing organization in Canada. It is a leader in North America for its economic and environmental sustainability as well as for its innovation in the field of integrated mobility and transportation electrification. The support of Investissement Québec and MKB will allow the company to continue its development in Québec and its expansion in Canada, especially in the Toronto area, and internationally. In addition to its mobility service offering, the company plans to add the commercialization of its technology solutions in the field of sharing and fleet management.
Investing in the future of sustainable mobility
Benoît Robert, founding president of Communauto, said: “Communauto today is taking an important step in its development plan. The recognition and support of Investissement Québec, as well as the renewed confidence of MKB, reinforce the sustainability of Communauto’s social, environmental and urban mission, and demonstrate once again that it is possible to reconcile environmental objectives and economic development.”
“Twenty-five years ago, the concept of carsharing was revolutionary; today it is spread throughout the world’s major cities. The emerging trend in many countries is to develop a green economy anchored in a better use of resources. I am proud that Québec is part of this global movement through innovative companies like Communauto. I welcome the announcement of a promising partnership between this Québec flagship and Investissement Québec, which will make possible the realization of important projects for the development of carsharing in Québec,” said the Minister Responsible for Regional Economic Development and Minister Responsible for the regions of Chaudière-Appalaches, Bas-Saint-Laurent and Gaspésie-Îles-de-la-Madeleine, Marie-Eve Proulx.
“Communauto is a visionary Québec company, and a forerunner of the now-popular carsharing mode of transportation. By becoming a partner of the company, Investissement Québec gives it the means to continue its momentum and to reach a crucial stage in its growth process. In doing so, IQ also helps preserve the company’s headquarters and decision-making centre in Québec, while maintaining nearly a hundred well-paying jobs that contribute to our collective well-being,” said Guy LeBlanc, President and CEO of Investissement Québec.
Founded in Québec City in 1994, Communauto is the oldest carsharing service in North America and the one serving the largest number of communities in Canada. It is also the first company in Canada to offer its customers a large fleet of 100% electric cars and to create offers combined with public transportation services. Present on two continents in 14 cities (Edmonton, Toronto, Kitchener / Waterloo, Hamilton, Guelph, London, Kingston, Ottawa, Gatineau, the regions of Montreal and Québec, Sherbrooke, Halifax and Paris in France) with a fleet of 3000 vehicles, it is one of the few operators in the world able to offer its customers access to vehicles available with or without reservation. Studies conducted in recent years show that each carsharing car replaces, on average, ten private vehicles in Québec.
About Investissement Québec
Investissement Québec’s mission is to promote the growth of investment in Québec, thereby contributing to economic development and job creation in all regions. The Company provides businesses with a full range of financial solutions including loans, loan guarantees and equity investments to support them at all stages of their development. In addition, she is responsible for administering tax measures and prospecting overseas investments.
About MacKinnon Bennett & Co. (MKB)
MacKinnon, Bennett & Co. is a Montreal-based private equity firm active in clean energy, transportation and smart cities. By partnering with entrepreneurs, MKB strengthens networks of like-minded innovators for sustainable development. MKB manages private investments on its own behalf, as well as on behalf of family wealth managers, high net worth individuals, institutional investors and other companies.