BOUCHERVILLE, QC, Feb. 28 /CNW Telbec/ - Colabor Group Inc. (TSX: GCL)
("Colabor" or the "Company") today announced the closing of the
acquisition 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.
Founded in 1987, Norref's annual sales reached $113 million for the
twelve-month period ended July 31, 2010. From a strategically located
warehouse in Montreal, of approximately 40,000 square feet, 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 was financed from credit facilities
available to the Company.
The acquisition of Norref perfectly reflects Colabor's strategic
objectives to broaden its product offering and client base, while
bringing a significant presence in a high growth, high margin business
segment. Colabor's management expects the acquisition to be accretive
to 2011 earnings per share and to yield operational synergies.
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