Transaction extends Colabor's product offering to the
BOUCHERVILLE, QC, Feb. 8 /CNW Telbec/ - Colabor Group Inc. (TSX: GCL)
("Colabor" or the "Company") today announced the signature of an
agreement to purchase all of the outstanding shares of Les Pêcheries
Norref Québec Inc. ("Norref"), the leading importer and distributor of
fresh fish and seafood products in the province of Quebec and the
Ottawa region. Norref is an affiliated entity of Groupe Ferron. The
transaction provides Colabor with a wide product assortment catering to
the high margin "centre-of-the-plate" meal solutions category.
Founded in 1987, Norref's annual sales reached $113 million for the
twelve-month period ended July 31, 2010. From a strategically located
42,000 square-foot warehouse in Montreal, Norref distributes a full
range of fresh and frozen fish products as well as ready-to-eat fish
and seafood meals. Its diversified client base is comprised of
restaurants, hotels, grocery stores, caterers and fishmongers. The
acquisition will be financed from credit facilities available to the
"The acquisition of Norref perfectly reflects Colabor's strategic
objectives to broaden its product offering and client base," said
Gilles C. Lachance, President and Chief Executive Officer of Colabor.
"We are thrilled to add Quebec's leading seafood distributor to the
Colabor family and to benefit from the unrivalled industry expertise of
Norref's experienced management team. More importantly, this
acquisition brings Colabor a significant presence in a high growth,
high margin business segment. We expect the acquisition to be accretive
to 2011 earnings per share and to yield operational synergies."
The acquisition is subject to usual conditions, including all required
regulatory approvals, and the transaction is expected to close on or
about February 28, 2011.
Colabor is a wholesaler and distributor of food and non-food products
serving the retail market (grocery stores, convenience stores, etc.)
and the foodservice market (cafeterias, restaurants, hotels, restaurant
chains, etc.), in Quebec, Ontario and the Atlantic provinces.
This release may contain forward-looking statements reflecting Colabor's
opinions or current expectations concerning Colabor's and Norref's
business operations and future events. These statements are subject to
risks, uncertainties and assumptions. Actual results or events may
Further information can be found in the disclosure documents filed by
Colabor with the securities regulatory authorities, available at www.sedar.com.
SOURCE COLABOR GROUP INC.
For further information:
|Colabor Group Inc. ||MaisonBrison Inc.|
| || |
|Gilles C. Lachance |
President and Chief Executive Officer
Tel. 450-449-0026 ext. 265
|Martin Goulet, CFA|
Senior Vice-President, Investor Relations
Tel. 514-731-0000 ext. 229
| || |
|Michel Loignon, CA|
Vice-President and Chief Financial Officer
Tel. 450-449-0026 ext. 235