Three Financial Partners Team Up to Acquire Leading Canned Soup and Sauce Manufacturer, Baxters
SAINT-HYACINTHE, QC -- The Fonds de solidarité FTQ, Fondaction and Investissement Québec are partnering with Champlain Financial Corporation to acquire Baxters Canada Inc., a leading manufacturer of canned soups and sauces in Saint-Hyacinthe, Québec. The three financial partners (Fonds, Fondaction, Investissement Québec) are each investing $8 million dollars and will become Baxters Canada shareholders.
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"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 U.S. and Mexican markets as well as develop new products. We have confidence in the skills and experience of the management team, whose mandate will be to drive the company's growth said, " Alain Denis, Senior Vice-President, Innovation and Agri-food, Fonds de solidarité FTQ.
Baxters Canada Inc. was the Canadian subsidiary of Scotland-based Baxters Food Group Ltd., the leading player in the Canadian market for private label products. Still one of the largest soup manufacturers in Canada, Baxters Canada is now once again in Québec hands.
"We decided to participate in this acquisition, which will help preserve close to 200 quality jobs in Saint-Hyacinthe, because we have confidence in the Québec biofood sector. We're sure that Baxters will be able to innovate to continue growing and increasing its exports abroad. The company is a member of TransformAction, a Montérégie niche of excellence. At Fondaction, we're proud to contribute to the sustainable development of all regions of Québec." said, Geneviève Bouthillier, Deputy Chief Investment Officer, Fondaction.
Baxters Canada serves a broad range of consumers with its three product lines (Aylmer, Primo and Baxters), and private label and industrial products. Products include condensed and ready-to-serve soups, broths, sauces and ready-to eat pasta and meals in packets. The company also strives to innovate in packaging, recipes and health positioning in order to be responsive to consumer tastes.
The company has invested in equipment for the Saint-Hyacinthe plant to support growth and meet the highest standards. The plant holds internationally recognized GFSI certification.
SOURCE Baxters Canada
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