MARKHAM, ON, April 10, 2012 /CNW/ - Sofina Foods Inc. (Sofina) and Sun Capital Partners Inc., a leading private investment firm, are pleased to announce the companies have signed a definitive agreement under which Sofina will acquire 100 percent of Fearmans Pork, Inc. (Fearmans). Terms of the transaction were not disclosed. The transaction is expected to close shortly after required regulatory approvals are received, upon which Fearmans will become a wholly owned subsidiary of Sofina.
Michael Latifi, Sofina's Chairman and Chief Executive Officer stated, "This acquisition provides Sofina with secure access to high quality raw materials that will allow us to grow our fresh meat markets and build and sustain our further processed protein business."
"Fearmans Pork has made great strides as a standalone business," said Marc Leder, Co-CEO at Sun Capital Partners. "Management has effectively created an infrastructure and stabilized hog procurement, which assures the region's hog farmers that they have a committed and capable partner. Sofina Foods is a natural steward for the next stage of its growth."
As a result of this acquisition, the combined Sofina operations will supply retail and foodservice customers across Canada and into the United States with 13 primary and further processing operations in British Columbia, Alberta, Saskatchewan, Ontario and Washington State.
Stikeman Elliott LLP and PricewaterhouseCoopers were engaged on behalf of the purchaser. The company thanks these firms for their support.
About Sofina Foods Inc.
Sofina Foods Inc. is a private, family-owned Canadian company headquartered in Markham, Ontario. As one of the nation's leading manufacturers of primary and further processed protein products for both retail and foodservice customers, Sofina Foods has a broad portfolio of branded and private label pork, beef, turkey, and chicken products. Sofina's family of branded products consists of: Lilydale, Fletcher's, Vienna, Cuddy and Quality Meats. Sofina Foods currently operates 12 HACCP-approved manufacturing facilities (11 in Canada and one in the northwestern United States), and has over 3,000 employees.
About Fearmans Pork, Inc.
Established in 1852, in Ontario, Fearmans Pork operates Canada's oldest pork-processing facility, which is also the largest in the province. The Company supplies product to other processors, retailers and food service providers, including chilled pork products, specialty, and counter-ready products. For more information, please visit www.fearmans.com.
For further information:
Media inquiries may be directed to:
Director, Corporate Communications & Public Relations
Office: (780) 472-6400
Mobile: (780) 863-7754
Email: [email protected]