Marseille-based firm Marbour, which is focused on the international rice business (dry rice and ready-to-eat rice) through its SIACOM business unit, has announced that it has entered into a definitive agreement to acquire 100% of MRRM.
MRRM Inc. is the parent company of MRRM (Canada) Inc. (which operates under the name of Les Aliments Dainty Foods), Robert Reford Agency Inc. and Dainty Foods International Inc., all wholly-owned subsidiaries, which are engaged in the food industry and in the ship agency services business.
Following sustained acquisitions in Europe, Marbour said the purchase of MRRM was its first in North America. The total amount of the transaction is $11 million.
Commenting on the deal, Jean Bourdillon, President of Marbour, said: “We believe that Marbour, through SIACOM Canada Inc., brings advantages of scale and investment capability to MRRM, allowing it to grow. Marbour has a strong track record of investing in, and successfully integrating, its acquisitions and we believe that this transaction is beneficial to MRRM shareholders as well as its employees and other stakeholders”.
The purchase, which has been unanimously approved by the Board of Directors of MRRM, is expected to close in the second quarter of 2015.