Latest news with #RenéProulx
Yahoo
17-05-2025
- Business
- Yahoo
Sofina Foods to buy poultry cooperative Exceldor
Major meat-and-seafood supplier Sofina Foods has signed a deal to acquire Quebec-based poultry cooperative Exceldor. The financial terms of the transaction were not disclosed. In a statement, Exceldor said the deal will 'ensure the continuity' of its current operations, 'strengthen' its nationwide footprint and 'accelerate the growth' of its brands, including Exceldor, Lacroix and Granny's. Exceldor also holds the Canadian licence to the Butterball brand. The cooperative added the acquisition's 'operational synergies and complementary geographical markets' will enable Exceldor and Sofina to lay the "foundation for a new chapter – focused on growth, long-term value creation, and the reinforcement of Canada's food sovereignty'. According to Michael Latifi, founder, chairman and CEO of Sofina Foods, the deal is in line with the company's 'desire to continue investing in the Canadian poultry industry, in plants and capabilities, to better serve Canadian consumers from coast to coast'. Exceldor, owned by approximately 330 poultry producers across Quebec, Ontario, and Manitoba, employs 3,700 people and generates an annual revenue of C$1.4bn ($1bn). The cooperative is also a co-owner of Unidindon in Quebec and Blumenort Hatchery in Manitoba. Pending approval from Exceldor's members and investment shareholders at a 5 June meeting, the transaction also requires the clearance of Canadian competition officials. Exceldor president and CEO René Proulx said the agreement is a 'unique opportunity'. In addition to ensuring the 'long-term legacy of generations of producers and employees' who built the cooperative, it 'gives us the tools to strengthen our operations and create new opportunities' for them, Proulx added. Sofina Foods, based in Markham, Ontario, is a privately held company with a diverse product portfolio. Its Canadian brands include Cuddy, Lilydale, and Janes. Internationally, Sofina Foods operates more than 40 locations and has more than 13,000 employees, generating over C$6.5bn in revenue. Its European brands include Young's Seafood, Karro, and Bloors. "Sofina Foods to buy poultry cooperative Exceldor " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Cision Canada
15-05-2025
- Business
- Cision Canada
Exceldor Cooperative and Sofina Foods sign asset purchase agreement Français
LÉVIS, QC, May 15, 2025 /CNW/ - Exceldor Cooperative (Exceldor) and Sofina Foods Inc. (Sofina) today announced the signing of an asset purchase agreement under which Sofina will acquire the assets of Exceldor. The proposed transaction is subject to approval by Exceldor's members and holders of investment shares, who will vote during the cooperative's upcoming Annual General Meeting on June 5, 2025. The result of a rigorous and thoughtful process, this agreement represents a strategic milestone in Exceldor's history. With highly complementary operations, the transaction will ensure the continuity of Exceldor's existing activities, strengthen its national presence, and accelerate the growth of brands such as Exceldor, Lacroix, Granny's, Butterball and Saha Halal - across Canada. Thanks to the operational synergies and complementary geographical markets created through this acquisition, Exceldor and Sofina will have laid the foundation for a new and ambitious chapter - focused on growth, long-term value creation, and the reinforcement of Canada's food sovereignty. "We are entering this next chapter with great enthusiasm. This agreement is a unique opportunity that will enable us to continue our activities in an increasingly competitive environment. The proposed acquisition by Sofina ensures the long-term legacy of generations of producers and employees who built the Exceldor Cooperative. It gives us the tools to strengthen our operations and create new opportunities for our producers and employees. It is also important to note that consumers will continue to enjoy high-quality Exceldor-branded products in Quebec and Granny's-branded products in Manitoba - raised and processed in their respective provinces," said René Proulx, President and CEO of Exceldor cooperative. "Since our founding 30 years ago, Sofina has steadily grown to become one of Canada's leading food processors, with an uncompromising commitment to operational excellence. This transaction reflects our desire to continue investing in the Canadian poultry industry, in plants and capabilities, to better serve Canadian consumers from coast to coast. Exceldor is a well-established organization with whom we share a common culture of excellence, discipline and integrity. We look forward to working with Exceldor's team to further elevate its flagship brands in Quebec and across Canada," said Michael Latifi, Founder, Chairman and CEO, Sofina Foods Inc. Following approval by Exceldor's members and holders of investment shares, the transaction will also be subject to approval by the Competition Bureau. Exceldor engaged BCF Business Law as its legal advisor, PwC Corporate Finance in Québec as its corporate financial advisor, and EY as its tax advisor. Sofina engaged Stikeman Elliott LLP as its legal advisor, PwC as its financial and tax advisor, and WSP as its environmental advisor. About Exceldor Cooperative Exceldor Cooperative, owned by approximately 330 member-producers in Quebec, Ontario and Manitoba, generates more than $1.4 billion in revenue and employs over 3,700 people. Headquartered in Lévis, Quebec, its operations are spread across facilities in Saint-Anselme, Saint-Damase, Saint-Hyacinthe, Saint-Bruno-de-Montarville, Beloeil, and Saint-Cuthbert in Quebec, as well as Hanover in Ontario, and Winnipeg and Blumenort in Manitoba. The cooperative is also co-owner of Unidindon in Quebec and Blumenort Hatchery in Manitoba. About Sofina Foods Inc. Sofina Foods Inc., headquartered in Markham, Ontario, is a privately held Canadian company dedicated to providing consumers with great-tasting, high-quality food products, generating more than $6.5B CAD in revenue. Globally, the company and its wholly owned subsidiaries operate over 40 locations and employ more than 13,000 people across Canada, the United Kingdom, Ireland, Germany, and France - making it one of Canada's largest food companies. Sofina Foods is a leading Canadian and European manufacturer of primary and further-processed protein products for retail and foodservice. In Canada, the company offers a wide portfolio of branded and private-label pork, beef, fish, turkey, and chicken products. Its Canadian branded product family includes Cuddy®, Lilydale®, Janes®, Mastro®, San Daniele®, Fletcher's®, and Vienna®. In Europe, its pork division is one of the largest processors and suppliers of products in the UK and Ireland, and its seafood division is the UK's leading supplier of chilled and frozen seafood products. Notable European brands include Young's Seafood®, Karro®, Bloors®, and Greenland Seafood™.
