Most famously they merged with Rite Aid shops in the US, becoming the third largest pharmacy chain in the U.S. Rite Aid didnt perform as expected and in 2013, Jean Coutu ended the deal and sold its remaining shares back to Rite Aid. The company says it has spent $9.1 billion to expand its operations since its 1997 initial public offering, including through 35 acquisitions, earning it a strong reputation for integrating and improving the many companies it has gobbled up. Technical storage or access that is used exclusively for anonymous statistical purposes. [3], Saputo owns a significant stake in a trucking company, TransForce, and has extensive investments in real estate, forest products, hotels and golf courses. A total of 40,000 shares of the [] Clment is passionate about finance. Factory on St-Michel street in Montreal. In 1985 Joey Saputo began working for the family business, Saputo Incorporated., a dairy processing company founded by his father Lino Saputo in 1954. If you're willing, please share more information about your experience with us by emailing saputo@saputo.com. Named in honor of the Saputo family, which donated a bulk of the funds for the stadium's completion, the venue resides at Olympic Park, where it is accessible by both the Viau and Pie-IX subways. Saputo became chairman of the board and president of Saputo Inc. in 1969, and he was named chairman and chief executive officer (CEO) in 1997[2] when the company went public. Arriving in Canada in search of a brighter future, the Saputo family settled in Montral and planted the seeds of what is now a global company. His influence and family name is found throughout Montreal, Quebec, including on the Saputo Stadium, home of CF Montral a professional soccer team that plays in Major League Soccer (MLS).His family is routinely listed among the wealthiest Canadians, reaching number three in 2017. [citation needed], In 2003, the firm continued to acquire businesses in the US and expanded into Argentina with the acquisition of Molfino Hermanos S.A.[10] That same year, while remaining chairman of the board Lino Saputo stepped down as president and CEO and was succeeded in this role by his son, Lino A. 1957 From there he was given more responsibility by the chains main office to find places to set up new locations. Hes been the head of a major political party and is the head of one of Canadas biggest media empires. [15], On February 3, 2015, Canada Bread Company Limited completed a C$120million acquisition of Saputo Bakery, a division of Saputo Inc.[16] Canada Bread Company Limited is a subsidiary of Mexico's Grupo Bimbo. Biden said he believes his plan to forgive millions of borrowers student loans is on the right side of the law, a day after the courts conservative majority seemed highly skeptical of the Bidens Administrations argument for the debt relief program. In 1954, his son Lino convinced him to start a business. Despite a dicey year punctuated with uncertainty around NAFTA renegotiations, the Saputo family business appears to be doing just fine. 10000+ Employees. Photo by Graham Hughes/The Canadian Press files. Saputo closed two of its Canadian plants in 2016one in Sydney, N.S., the other in Princeville, Que.a third, in Ottawa, is set to be shut down at the end of 2017. The elder Saputo's father, Giuseppe, founded the business in 1954 with $500 and a bicycle for deliveries after immigrating to Canada from Sicily. The company expanded into the energy sector in 2004 and two years later expanded into the wine and spirits sector. When you consent to allowing these technologies, it permits us to analyze data, like on-site behaviour and unique IDs on the site. Storage or technical access is necessary to create user profiles in order to send advertisements, or to track the user across a website or multiple websites for similar marketing purposes. The Company completed its initial public offering in Canada in 1997. They helped retailers, both online and offline, process credit and debit payments without the help of banks and, In 1955, he opened up the doors of what would become one of the worlds most successful investment firms, Jarislowsky Fraser Limited. The Molson family never lost steam with their ventures and financed the first steamboat in the country as well as building the first railroad. He went to a variety of schools there including Harvard. Joey Saputo began working for the family business in 1985, Saputo Inc., a dairy processing company founded by his father Lino Saputo in 1954. The Impact was the first Canadian club, and the . Among the top 10 dairy producers in the world, the $16-billion multinational Saputo sells its milk, cheese, yogurt and other goods under dozens of different brand names around the globe. He would be Lino's inspiration and motivation to start his own company. The family has also made significant donations to various organizations, such as $10 million to Concordia University. Rogers Family Toronto | Rogers Communications: $11.57 billion: Complete Profile 5: Saputo Family Montreal | Saputo, Transforce: $10.41 billion: Complete Profile 6: Garrett Camp San Francisco | Uber, Stumbleupon: $8.58 billion: Complete Profile 7: Desmarais Family Montreal | Power Corp. of Canada: $8.38 billion: Complete Profile 8 . Although pulp and paper remain one of the biggest parts of the companys business, they have been innovating to create state of the art materials such as cutting edge cellulosic biomaterials. Yet the Saputo family claimed that they had been unaware of Bonanno's reputation, and canceled the deal as soon as they learned of Bonanno's mafia connections. [7] In 2008, Saputo acquired Neilson Dairy from George Weston Limited for C$465million. It is believed that a large part of the companys success comes from the fact that it is able to purchase large inventories and hold onto them for its customer base. Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Ms. Saputo knows first-hand the stresses and challenges that are facing multi-generational business families, and after earning a bachelor of commerce degree and a graduate degree in institutional administration . Completed over 30 acquisitions since becoming a publicly traded company. . His father was a master cheesemaker in the small village where they lived in Sicily, Italy. They also purchased other breweries and are the largest brewery in Canada and the oldest one in North America. According to Canadian Business, the Rossy family is worth $2.52 billion. extended shelf-life milk and cream products, cultured products and In 1964, Lino sought to convince his father to expand and modernize the company operations, particularly after touring the Grande Cheese Co. of Wisconsin, owned by a Sicilian American, Giovanni (John) DiBella. Bouchard is still Executive Chairman of the Board of Directors for Alimentation Couche-Tard, the position he took after naming Brian Hannasch President and Chief Executive Officer in 2014. Lino grew the company in the following decades,. Telesystem sold a lot of its cellular assets at the beginning of the 2000s. However, it is his son, Larry Rossy, who came up with the concept of the cheap dollar store after he took over from his father. dairy ingredients. Saputo Family Makes Visionary $10 Million Donation to Support First-of-its-kind Social Innovation Centre at Concordia University Transformational gift from Amelia & Lino Saputo Jr.. Introduction Saputo Inc. is a North American dairy producer with a success story. The family founded Saputo in 1954, and Emanuele Saputo became president of it in1969. Fortins business prowess has been widely demanded. Lino Saputo Sr. remained as chair of the board until 2017, when he was again followed by his son. In the 1990s, the company made several acquisitions to diversify its product offering and geographic reach. Our team will be reviewing your submission and get back to you with any further questions. One client turned into ten, and then 100, and a decade later they found themselves on the Toronto Stock Exchange raising funds to buy out smaller IT companies. At first, the 15-year-old Lino found the move difficult, and longed to return to Sicily. Theyre behind that green and yellow sign you see everywhere in Canada. until reading about it in local newspapers. As in the 1960s and 1970s, no direct evidence of those ties was discovered. [3] A spokesperson said that "was justified for business reasons and not for fiscal considerations". Giuseppe Saputo founded the company in Montreal in 1954, using $500 in startup capital and a single bicycle to make deliveries. The landscape in Major League Soccer is changing. The Saputo family immigrated to Montreal, Canada in the 1950s with teenaged Emanuele, and they continued their cheese business. Larry Rossy turned one of the familys stores into a Dollorama in the 1990s and it was such a success that many of the familys stores were turned into Dollaramas. 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He has sat on the boards of media giant Transcontinental as well as the National Bank of Canada. Pierre Karl Pladeau is a very rich man. Prior to partnering with Bouchard, Fortin earned a degree in finance and was president of Quebec-based investment firm Socit Gnrale S.A. The foundation provides money to a variety of causes including those focusing on healthcare. There was an error, please provide a valid email address. [4][non-primary source needed] It operated in Wales and Germany from 2006 to 2013. By moving to Montreal, the family followed a well-established trend for Italians immigrating to Canada. It produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients and is one of the top ten dairy processors in the world. In March 2004, his son Lino Saputo Jr. was appointed to the position of president and CEO, while Saputo continued as the company's chairman. The story of Saputo starts in Italy in the first half of the 20th century where his father, Giuseppe Saputo, was an artisan cheesemaker. + Is Term Life Insurance Better Than Whole Life Insurance? CF Montral Stade Saputo With a pristine, natural grass field, a prime location in Olympic Park and easy access by subway or car, Stade Saputo has become a privileged site for soccer in Montreal, Quebec and Canada. Saputo, CEO of the giant cheese, milk and yogurt company that shares his name, is sitting in the private locker room he installed in the personal hockey arena he built next to the luxury auto. At Saputo, we work hard to create an environment where everyone feels supported, heard, and able to do their best. A hockey fanatic, he built a private three-on-three rink thats also used for a yearly company hockey tournament. tasting the product daily. At the tender of age of 29, Alain Bouchard opened his own convenience store in 1980 at the age of 29. Giuseppe (Joseph) Saputo was born in 1905 in Montelepre, a town some thirty kilometers from Castellemmarre del Golfo, birthplace of Joe Bonanno. The Saputo family invested $7.5 million in the construction of the stadium and, as a result, the venue was named Saputo Stadium. Family Business Saputo sisters forged their own path Patricia and Danielle Saputo, of the family behind Montreal-based dairy processor Saputo Inc., knew early on they wouldn't take on leadership roles in the family business Natalya Anderson Financial Post Published Dec 29, 2022 Last updated Jan 03, 2023 10 minute read The predominantly French-speaking province has a lot of generational wealth that can be traced back to immigrants from Europe. As of September, founder Emanuele (Lino) Saputo and his family had a net worth of US$5.5 billion, according to Forbes, placing the family in the No. Fortin has established Lise et Richard Fortin, a foundation that provides money to a variety of causes including those that assist children and the elderly. While we don't deliver cheese by bicycle anymore, the same artisan spirit carries on to this very day. Create an account or sign in to continue with your reading experience. The real estate mogul and philanthropist died at the age of 80 on. Storage or technical access that is used exclusively for statistical purposes. After Saputo obtained the brand, it closed the plant in Armstrong. It produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients and is one of the top ten dairy processors in the world. Thanks for contributing to The Canadian Encyclopedia. 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