The Canadian arm of UK canned soup and sauces producer Baxters has been sold for around C$24 million ($18 million) to a financial consortium comprising Fonds De Solidarite FTQ, Fondaction, Investissement Qubec and Champlain Financial Corporation.
With volume sales of 60 million cans per year, Baxters Canada serves a wide range of consumers under its three brands Aylmer, Primo and Baxters. Alongside soups and sauces, the firm also manufactures ready-to eat pasta and meals in packets.
Commenting on the move, Baxters Canada CEO Daniel Cousineau said: “We have an ambitious growth plan that includes acquisitions and geographic diversification. That’s why we’re thrilled to team up with the Fonds, Fondaction and Investissement Québec, because all three partners share our vision and have the expertise and financial wherewithal to allow us to achieve our objectives”.
In a statement, Fonds de Solidarite FTQ senior vice-president for innovation and agri-food Alain Denis added: “With this acquisition, the Fonds can help fuel the growth of agri-food exports and position a Québec company in a mature sector that is undergoing consolidation in Canada. Baxters Canada is poised to penetrate the US and Mexican markets as well as develop new products”.
Source: Fonds de Solidarite FTQ