Despite, Dollaramas were only found in Eastern Canada initially, but in the 2000s, they expanded across Canada to the west. Get a $25 bonus when you open an investment account with Canadas most- popular robo-advisor. Founded: 1954. 4750, Rue Sherbrooke East, Montreal, Quebec H1V 3S8 Canada. According to Canadian Business, Charles Sirois is worth $1.19 billion. In 1950, Lino's father, Giuseppe Saputo, and eldest brother, Frank, immigrated to Canada from their Sicilian home. Although a lot of his fortune did end up tied to his philanthropic foundation, his children also got a piece of it. 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. 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. Location: Montreal. Saputo Inc. is a Canadian dairy company based in Montreal, Quebec, founded in 1954 by the Saputo family. Saputo, the son of an immigrant cheesemaker, had become a billionaire, philanthropist, and head of Quebecs richest family. The crew of four comprises two NASA astronauts, a Russian cosmonaut and an astronaut from the UAE. Invest with this $0 fee online broker pioneer! 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. Up until 2019, Paul Jr. and Andr remained in charge of Power Corporation. Net worth: $2.03 billion. Charles Sirois bought out his fathers business in 1978 and that was the beginning of his empire. Saputo Jr., who plays goalie,says he enjoys the hot seat becausethe puck stops with you., No matter how many mistakes the people in front of you make, if the pucks in the net, its on you. Its shares declined 9% in 2017 and 5.9% year over year, though revenues were still up 9% as of August. In the midst of all that he also became the first Canadian space tourist and created the One Drop Foundation to help ensure access to clean water around the world. He is famous for being a Sports Executive. By moving to Montreal, the family followed a well-established trend for Italians immigrating to Canada. As in the 1960s and 1970s, no direct evidence of those ties was discovered. According to Canadian Business, the Rossy family is worth $2.52 billion. The real estate mogul and philanthropist died at the age of 80 on. But the Montreal cheese magnate has also been dogged by allegations of. trend for Italians immigrating to Canada. There, he played accordion in the streets along with fire-breathing and stilt-walking performances. In the midst of all that he also became the first Canadian space tourist and created the One Drop Foundation to help ensure access to clean water around the world. He went from building duplexes to building skyscrapers and massive malls, many in Israel, to create a billion-dollar fortune. 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. If you were born after 1980, you might not quite understand the product that kicked off the Charles Sirois business empire. [1][2], The company has expanded predominantly through mergers and acquisitions. The companys immense growth has propelled the founding Saputo family into the ranks of billionaires. DiBella initially agreed to personally invest If you're willing, please share more information about your experience with us by emailing saputo@saputo.com. The company further benefited from the increasing popularity of pizza during the 1960s, since it meant growing demand for mozzarella. He went to a variety of schools there including Harvard. Technical storage or access that is used exclusively for anonymous statistical purposes. Postmedia may earn an affiliate commission from purchases made through links on this page. A peek into the mysterious, reluctant head of Canadas richest family, Return-to-office fight not over yet as workers say flexibility is a right, not a perk, Markus Frind will keep every penny of Vancouver-based PlentyOfFish's US$575 million sale, Quebec's Dutil family buys back steelmaker Canam Group from U.S. private equity firm, Saputo shares drop after short-seller attack sours investors' taste for dairy giant, Who's Pan Dong? 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 . In the 1990s, the company made several acquisitions to diversify its product offering and geographic reach. The 2000s took the company into the US market with the acquisition of Circle-K convenience stores. Jarislowsky also served in the US armed forces before moving to Montreal to work for Alcan. 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. SAPUTO. According to Forbes, Richard Fortin is worth $1.10 billion USD ($1.33 billion CAD). The company went public on the Toronto Stock Exchange in October 1997 and shortly after tripled its size by acquiring Stella Foods in the U.S. Jolina Capital Inc., a holding company controlled by Lino Saputo, holds 32 per cent of Saputo Inc., making Jolina the principal shareholder. 100 votes, 33 comments. In the current expansion round, the number of teams will rise from 24 to 28, with the entry fee now at $150 million, and a dozen cities have submitted concrete offers. After modest beginnings, the Companys founders saw their determination, hard work, passion and vision transform Saputo into an industry leader, both in Canada and around the world. According to Forbes, Bouchard is worth about $4.2 billion USD ($5.08 billion CAD). In September 1954, using $500 to buy some basic equipment and a bicycle for deliveries, the Saputo family founded a cheese making company bearing its name. Early Life and Establishment of Saputo Inc. Adjusted net earnings in 2021 were $715 million, down from $724 million in 2020. In 1954, with only $500 for equipment and a bicycle for deliveries, the Saputo family founded their very own company bearing their name. SAPUTO, Rosalia Monticciolo 1931-2017 It is with great sadness and heavy hearts that the family of Rosalia Saputo Monticciolo announces the passing early Friday morning, December 15, 2017 at the age of 86. In 1957, Saputo's first sizable production facility was built in Montreal's Saint-Michel neighbourhood. Completed over 30 acquisitions since becoming a publicly traded company. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. equipment and a delivery bike to support his parents, who made cheese in a rented room in the Delca Cheese factory on Rue de Rouen. The family also has a stake in Major League Soccer's Montreal Impact. in Cooksville, Ontario. 10000+ Employees. Right into the 21st century, much of Linos interests remained in overseeing the growth of Saputo Inc. They helped retailers, both online and offline, process credit and debit payments without the help of banks and credit card companies. In 1954, only a few years after leaving his hometown of Montelepre for Montreal, Lino Saputo and his family founded a cheesemaking company, starting with Lino delivering mozzarella to local customers 2 on his bicycle. In 1997, it became a publicly traded company and tripled in size following the acquisition of Stella Foods in the US. The company, long helmed by Lino Saputo, grew in large part through acquisition, including the 1988 purchase of two American cheese plants. Saputo is now the world's eighth largest dairy producer and own Saputo Stadium and the Montreal Impact soccer team, as well as Italian club Bologna. Thanks for contributing to The Canadian Encyclopedia. In a 3.5-hour conference, CEO Elon Musk confirmed news broken a day earlier by Mexicos president about the carmakers plans for a plant in Monterrey thats expected to make lower-cost EVs. Part of that success had to do with the fact that Jean Coutu didnt just sell pharmaceuticals, but rather low-priced items like school supplies, bathroom tissue, and other products that other pharmacies didnt carry. Wealthsimple Invest is a simple and affordable way to invest your RRSP, RESP or TFSA. Youre going to detect a bit of a pattern on this rich list and maybe thatll help you find your own key to success. Photo by Graham Hughes/The Canadian Press files. 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. She also studied religion and played a role as cantor to a synagogue in Quebec. While Saputo Inc. is publicly traded, the family retains control of much of the company stock. 2. The elder Saputo's father, Giuseppe, founded the business in 1954 with $500 and a bicycle for deliveries after immigrating to Canada from Sicily. According to Forbes, Stephen Jarislowsky is worth $1.80 billion USD ($2.18 billion CAD). According to Canadian Business, the Molson family is worth $1.75 billion. 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. They later went on to purchase the Montreal Canadiens hockey team as well as the Montreal Forum. Going from entreprenneur to banker, Desmarais made acquisitions in different sectors such as pulp and paper and media. December 24, 2015, Rich 100 rank: #5 His son, Lino Jr., who has served as president and CEO since 2004, succeeded him as chairman. Philip Fayer was studying at Concordia University when he founded a payment processing company in 2003, with the help of co-founder Lester Hernandes. When the round is over, eight cities will be disappointed, and some may . 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. In 2011, he was made an Officer of the National Order of Quebec. 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. Change in rank from 2017: 2 + Why Subprime Mortgages are Popular in Canada, + CMHC and Mortgage Default Insurance: The Secret No One is Telling You. Fido was a hit and Rogers Wireless bought the company in 2004 for $1.4 billion dollars. Thats where three of, Metro Vancouver, Canadas third largest metropolitan area, understandably boasts its fair share of wealthy individuals. Giuseppe Saputo founded the company in Montreal in 1954, using $500 in startup capital and a single bicycle to make deliveries. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. If you don't see it, please check your junk folder. He went on to work for the Provi-Soir convenience store chain. A family business that started in Montreal in the early 1950's, the company has grown over the past decades into a publicly traded multinational enterprise (Saputo Inc., 2017). By 1989, he sat on the board of directors for a shipping firm, Cabano Expeditex (now TransForce), and for the National Bank of Canada. The Posthaste newsletter has all the breaking business news and market signals you need, The Posthaste newsletter the business news you need, Who are the Saputos? + 5 Reasons to Buy a Life Insurance Policy if You Have Children, + 6 Things Every Parent Should Know About Life Insurance, + How to choose a life insurance policy in Canada, + How to Get Cheap Motorcycle Insurance Quotes, + The Ultimate Guide to Dirt Bike Insurance, + The Ultimate Guide to Motorcycle Insurance, + What Does It Take To Be Pre-Approved For A Mortgage In Canada, + How To Shop For A Mortgage In Canada, Like A Boss, Using Your RRSP To Buy A House: Everything You Need To Know About The Home Buyers Plan, First Time Homebuyers in Canada: Everything You Need to Know Before Making Your Lifes Biggest Purchase, + First Time Homebuyers in Canada: Everything You Need to Know. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. Prior to partnering with Bouchard, Fortin earned a degree in finance and was president of Quebec-based investment firm Socit Gnrale S.A. And yet over 70 years Saputo Inc., started by a family of Italian immigrants, has grown swiftly into an international dairy behemoth. He is the founder of Future Electronics, one of the four largest electrical component suppliers in the world. Lino grew the company in the following decades, taking it public in 1997; today its products are sold in more than 40 countries. The Saputo family has always mainained that they were unaware of Bonanno's Mafia involvement and were only acquainted with his business partner John DiBella of the Grande Cheese Company. While Cirque du Soleil went bankrupt in 2020, his personal fortune was not impacted. The man whose first name hangs above the entrances of his world-famous shore store calls Montreal his home. While they retired from day-to-day operations, they still have seats on the Board of Directors and their respective sons have active roles in the company. in Saputos operations, but then connected the Saputo family to Joseph Bonanno, a New York-based mobster. According to a 2019 profile in the Globe and Mail, he has a constantly revolving collection of luxury cars, with a particular affinity for 1980s-era Porsches. He completed his secondary schooling in the early 1950s, and shortly thereafter, the Saputo family immigrated to Montreal, Quebec. His son Lino Saputo Jr. was named "Canada's Outstanding CEO of the Year" for 2019 by the Financial Post. Yes, its also a lonely position, just like sometimes when youre a CEO it is a lonely position. He is one of the lesser-known founders of Laval-based convenience store chain, When you look at the stories of some of the richest people in the world, you learn that it doesnt take a lot of money to start a billion-dollar business. I love that pressure and I love that responsibility, he told the Post. Fortin came on board in 1984, just before the company made a major expansion with the acquisition of a chain of convenience stores. [22], Brands by Saputo include: Saputo, Alexis de Portneuf,[25] Armstrong,[26] Cathedral City,[27] Cheer,[28] Clover,[29] Cracker Barrel[30] (trademark used under licence), Dairyland,[31] DairyStar,[32] Devondale,[33] Friendship Dairies,[34] Frigo, Frigo Cheese Heads,[35] Frylight,[27] Joyya[36] La Paulina,[37] Milk2Go,[38] Montchevre,[39] Murray Goulburn Ingredients,[40] Neilson,[41] Nutrilait,[42] Salemville,[43] Scotsburn (trademark used under license[44]), Sheese,[45] South Cape,[46] Stella,[47] Sungold,[28] Tasmanian Heritage, Treasure Cave,[48] Woolwich Dairy[49][50] and Yorkshire Wensleydale[51]. Saputo, 82, has a net worth estimated at $6.5 billion and is one of the richest people in Canada. Like the acrobats in his shows, Guy Lalibert seems to always land on his feet as a businessman. As a result the stadium would carry the name Saputo. For event updates, visit . He later went on to become the full owner of Molson Brewery in Montreal. Fayers fintech innovation attracted the likes of Goldman Sachs as investors. Unauthorized distribution, transmission or republication strictly prohibited. June 22, 2022. Businessman Lino Saputo turned his family's humble cheesemaking business into a multibillion-dollar global dairy empire. Initially, Coutu expanded into Quebec, Ontario, and New Brunswick. While most people associate Molson with beer, Molson also sponsors events all over Canada and has become a well-known name nationwide. Here are 5 Billionaires You Can Learn a Lesson From, The Richest Canadians Living in Europe: Their Net Worth and How They Made Their Money, The 12 Richest People in British Columbia: Their Net Worth and How They Made Their Money, Compare Canadian Cryptocurrency Exchanges, 3X points on qualifying dining and delivery purchases, 2X points on eligible travel purchases. Visit our Community Guidelines for more information and details on how to adjust your email settings. Major company holdings: Saputo, Transforce Sharon Azrieli has been recognized by the National Order of Quebec and also sits on the board of her fathers philanthropic organization, the Azrieli Foundation. Lino Saputo persuaded his father to start a cheese-making business in the 1950s now the company is an international dairy behemoth. He continued as CEO of the firm, but appointed Camillo Lisio, then executive vice-president, as chief operating officer in 1998. He is the founder of the Canadian cheese manufacturer Saputo Inc. [11] The firm announced in 2012 it would buy Morningstar Food for US$1.45billion. Our story began in Canada in 1954, when the Saputo family's hard work and dedication created a thriving dairy business. + Fixed vs Variable Rate Mortgages in Canada: What Are the Differences? 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. AT SAPUTO, YOU WILL. We encountered an issue signing you up. Future Electronics now has 168 locations around the world from Canada to China. 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. He also provides transportation to company employees in an effort to get more cars off the road. They also purchased other breweries and are the largest brewery in Canada and the oldest one in North America. . He is the co-founder of the Cirque du Soleil international entertainment empire, which before its bankruptcy, was valued at more than a billion dollars. + Mortgage Prepayment Options: The Pros And Cons. Lino Saputo Jr., now described as the richest man in Quebec, has continued Saputo Inc.s regular diet of acquisitions, even buying companies focused on dairy alternatives, in an attempt to profit from the move by many consumers to non-dairy products. The foundation provides money to a variety of causes including those focusing on healthcare. 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