LEVIS, QC, June 5, 2014 /CNW Telbec/ - Exceldor and Parrish & Heimbecker, Limited are pleased to announce that they have signed a definitive agreement under which Exceldor will acquire P&H Foods. Included in the transaction are the primary turkey processing plant located in Hanover, Ontario, and a joint venture interest in Golden Valley Farms consisting of a further processing plant located in Arthur, Ontario. P&H Foods produces and sells products under the Butterball brand in Canada under a licensing agreement with Butterball, LLC, headquartered in Garner, North Carolina. The transaction is expected to close in the third Quarter of the current calendar year, shortly after required regulatory approvals are received. The terms of the transaction were not disclosed.
"The acquisition of P&H Foods gives us the opportunity not only to expand our operations outside the Province of Quebec, but also integrate Butterball to our portfolio of existing brands in Canada," said Mr. René Proulx, Exceldor's President and Chief Executive Officer. As a result of this acquisition, Exceldor will have revenues in excess of 625 M$ and its products will be sold across Canada
"We are excited about the growth opportunities we foresee with the Butterball brand, positioning Exceldor to be the market leader in the turkey processing industry in Canada. We welcome the dedicated employees of P&H Foods, who have significantly contributed to its success and it is our intention to operate and enhance the P&H Foods facilities," added Mr. Proulx.
"We are pleased to be joining Exceldor, an industry leading organization that has a well-respected reputation in the Canadian poultry industry for management excellence and product innovation. Our 400 employees look forward to becoming members of the Exceldor team," said Mr. Paul Borg, President of P&H Foods.
"We would like to thank the Board of Directors at Parrish & Heimbecker, Limited for the consistent support and direction they have provided to P&H Foods over the past 31 years and we wish this great Canadian company continued success," added Mr. Borg.
About Exceldor Cooperative
Exceldor is a cooperative whose mission is to produce poultry its customers can serve with pride. The organization, headquartered in Levis (Quebec), employs more than 1400 people and generates 500 M$ in revenues. Exceldor divides production between its Quebec plants in Saint-Damase, Saint-Anselme, Saint-Bruno-de-Montarville and Saint-Agapit. Its facilities are among the most modern in North America. Every week, Exceldor processes 1.4 million chickens and turkeys for the retail, food service and secondary processing markets.
About Parrish & Heimbecker, Limited
Parrish and Heimbecker, Limited is a private, family owned business, founded in 1909. It is involved in many aspects of agri-business including grain procurement and merchandising, milling, animal nutrition programs, poultry farming and food processing.
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