Exceldor sells to Sofina

Exceldor Cooperative will be selling its assets to Sofina Foods, a move that will end almost 70 years of the organization working as a co-operative.

“Exceldor’s assets will be integrated into Sofina Foods, a privately held Canadian company. This would mean the cooperative structure would no longer apply to the operations being transferred,” wrote Gabrielle Fallu, public and government relations manager at Exceldor, in an email.

Exceldor Cooperative, owned by approximately 330 member-producers in Quebec, Ontario and Manitoba, generates more than $1.4 billion in revenue annually employing more than 3,800 people, of which 600 work in Blumenort. Exceldor is headquartered in Lévis, Quebec and owns brands such as Exceldor, Lacroix, Granny’s, Butterball, and Saha Halal.

Fallu wouldn’t disclose any financials of the sale, but she said Sofina will not be laying off any workers.

“Sofina Foods has clearly expressed its intention to maintain operational continuity,” she wrote.

Members who have equity in the company will see their investment returned upon closure, according to board member Barclay Uruski.

Exceldor was not actively seeking a buyer when the offer from Sofina came in, according to Fallu. But after “careful analysis and reflection” the board of directors felt the proposal would ensure the “continuity of the company, enhance long-term growth, and strengthen its position in an increasingly competitive market.”

“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…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 of Sofina Foods Inc.

Sofina Foods Inc., headquartered in Markham, Ontario, is a privately held Canadian company generating more than $6.5 billion in annual revenue. Globally, the company and its wholly owned subsidiaries operate over 40 locations and employs more than 13,000 people across Canada, the United Kingdom, Ireland, Germany, and France making it one of Canada’s largest food companies.

In regards to the Blumenort hatchery, Falu said it will continue to operate as normal under Sofina’s banner.

The sale will be subject to approval by the Competition Bureau, which could take a few months.