Canadian supermarket chain Metro is to acquire a majority stake in Quebec bakery Premiere Moisson. The price of the purchase has not been disclosed.
Among the aims of the deal is to allow the retailer to expand its offer in the bakery market, reports indicate.
The Canadian Grocer reports that the bakery will retain 25% of the company and continue to manage all its stores and production plans.
Metro CEO Eric La Fleche commented by saying: “for Metro, it’s a strategic partnership because it will help us to differentiate our banners with fresh and quality products”.
Currently Metro accounts for around 20% of Premiere Moission’s CAN$ 100 million (USD $93 million) annual sales, the latter acting as a baker for some of the supermarket’s private label bread products.
Source: Canadian Grocer