Sofina Foods to buy poultry cooperative Exceldor

Major meat-and-seafood supplier Sofina Foods has signed a woody to get Quebec-based poultry cooperative Exceldor.

The fiscal presumption of the transaction were not disclosed.

In a statement, Exceldor said the woody volition “ensure the continuity” of its existent operations, “strengthen” its nationwide footprint and “accelerate the growth” of its brands, including Exceldor, Lacroix and Granny's. Exceldor besides holds the Canadian licence to the Butterball brand.

The cooperative added the acquisition’s “operational synergies and complementary geographical markets” volition alteration Exceldor and Sofina to laic the "foundation for a caller section – focused connected growth, semipermanent worth creation, and the reinforcement of Canada's nutrient sovereignty”.

According to Michael Latifi, founder, president and CEO of Sofina Foods, the woody is successful enactment with the company’s “desire to proceed investing successful the Canadian poultry industry, successful plants and capabilities, to amended service Canadian consumers from seashore to coast”.

Exceldor, owned by astir 330 poultry producers crossed Quebec, Ontario, and Manitoba, employs 3,700 radical and generates an yearly gross of C$1.4bn ($1bn).

The cooperative is besides a co-owner of Unidindon successful Quebec and Blumenort Hatchery successful Manitoba.

Pending support from Exceldor’s members and concern shareholders astatine a 5 June meeting, the transaction besides requires the clearance of Canadian contention officials.

Exceldor president and CEO René Proulx said the statement is simply a “unique opportunity”.

In summation to ensuring the “long-term bequest of generations of producers and employees” who built the cooperative, it “gives america the tools to fortify our operations and make caller opportunities” for them, Proulx added.

Sofina Foods, based successful Markham, Ontario, is simply a privately held institution with a divers merchandise portfolio.

Its Canadian brands see Cuddy, Lilydale, and Janes.

Internationally, Sofina Foods operates much than 40 locations and has much than 13,000 employees, generating implicit C$6.5bn successful revenue.

Its European brands see Young's Seafood, Karro, and Bloors.

"Sofina Foods to bargain poultry cooperative Exceldor " was primitively created and published by Just Food, a GlobalData owned brand.

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