Montreal, Paris and Tampa, September 20, 2022 – Masonite International Corporation (“Masonite”) (NYSE: DOOR), the Fonds de solidarité FTQ and a leading in store marketing services provider announced today their investment in the Circular Innovation Fund (“CIF”) – a joint venture between pioneer ClimateTech investors Cycle Capital and Demeter. CIF is a US$150M – €150M impact innovation fund dedicated to scaling circular, sustainable and profitable growth stage companies from North America, Europe and Asia. The fund will positively contribute to climate change mitigation and circular use of resources across various sectors including new materials, packaging, recycling & waste, logistics, eco-efficient processes & design. CIF is an impact innovation fund classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation.
Masonite was founded in 1925 by William H. Mason, engineer, inventor, and apprentice of Thomas A. Edison, on sustainability principles and a revolutionary process that transformed waste wood from the logging industry into durable pressed hardboard. The company continues to build on its legacy today by developing industry-changing innovations and utilizing recycled and renewable materials to create Doors That Do MoreTM.
The Fonds de solidarité FTQ is the largest development capital fund in the province of Quebec. Through its governance and codes of ethics, the Fonds is a socially responsible investor committed to sustainable economic development where people come first.
- “We continually seek new ways to incorporate sustainable innovations into our products and operations at Masonite. This strategic investment in CIF is another example of our commitment to caring for the environment while identifying new technologies that can make Masonite an even stronger company. We are pleased to support this important work to identify and support companies that seek to advance the circular economy.” – Clare Doyle, Chief Sustainability Officer, Masonite
- “Our actions must accelerate if we wish to leave the next generations a planet where it will be good to live. We are choosing today what their future will be. This is why the Fonds de solidarité FTQ is committed to reaching $12 billion in assets related to sustainable development within 5 years. This is an ambitious but necessary objective, particularly to fight climate change and ensure a just transition.” – Janie Béique, President & CEO, Fonds de solidarité FTQ
- “We are very pleased to have among our investors one of our founding Limited Partner, Fonds de solidarité FTQ, which has made a serious commitment to fighting the climate crisis, and a new Limited Partner, Masonite, which has an inspiring history of deploying circular processes for almost a century.”- Andrée-Lise Méthot, Founder & Managing Partner, Cycle Capital
- “The support of prominent institutional, corporate and private investors confirms Circular Innovation Fund’s vision and momentum. Moreover, the set of North American and European investors matches with the global footprint of our investment strategy.” – Stéphane Villecroze, Co-founder & Managing Partner, Demeter
The Fund is also backed by L’Oreal and a broad range of investors including, strategic investor Axens, family offices including Haltra and Claridge, as well as institutional investors, private investors and the managers.
Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers globally. For more information on Masonite, visit: masonite.com.
Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 748,371 shareholders into development and risk capital investments to help Québec transition to a green economy, a people-centred world of work, and a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.4 billion in net assets as of May 31, 2022, the Fonds has supported 3,620 partner companies and 296,927 jobs. For more information on Fonds de Solidarité FSTQ, visit fondsftq.com.
Circular Innovation Fund
The Circular Innovation Fund (“CIF”) is a global growth stage venture capital fund focused solely on circular innovation. It is a joint venture between leading cleantech capital managers – Montreal-based Cycle Capital and Paris-based Demeter. The fund invests in growth-stage companies from North America, Europe and Asia, developing breakthrough new materials, circular packaging, recycling and waste innovations, logistics, as well as eco-efficient processes & design, and circular business models. For more information on the Circular Innovation Fund, visit: circularinnovationfund.com.
Cycle Capital is a leading ClimateTech venture capital platform scaling impactful sustainable innovation. Founded in 2009, Cycle Capital invests across North America, Europe and Asia in growing companies commercializing solutions to the major ecological challenges and contributing to a net-zero transition. Cycle Capital is the founder of Cycle Momentum Accelerator + Innovation Engine. Cycle Capital has developed an ESG and impact assessment methodology integrated into the investment workflow from the pre-investment phase to the exit of the portfolio company. For more information on Cycle Capital, visit: cyclecapital.com.
Demeter is a major European investment platform dedicated to ecological transition. Demeter has over €1.2 billion under management and has carried out 200 investments since 2005. It invests €1m to €30m to support companies at all stages of development: innovative startups, high growth SMEs and infrastructure projects. Its team of 38 is based in Paris, Lyon, Bordeaux, Grenoble, Metz, Madrid and Düsseldorf. Demeter is a responsible and committed investor, signatory of numerous initiatives such as PRI (Principle for Responsible Investment), CDP (Carbon Disclosure Project), iC20, The Shift Project, and initiatives for gender diversity. All Demeter funds since 2021 are classified “Article 9” under the framework of the new European Sustainable Finance Disclosure Regulation (SFDR). For more information on Demeter, visit: demeter-im.com.
Vice President, Sustainability, Investor Relations and Public Affairs
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