MARKHAM, ON, March 2, 2012 /CNW/ - Sofina Foods Inc. (Sofina) and Janes Family Foods Ltd. (Janes) are pleased to announce the companies have signed a definitive agreement under which Janes will become a wholly owned subsidiary of Sofina Foods. The terms of the transaction were not disclosed. The transaction is expected to close shortly after required regulatory approvals are received.
"We believe this acquisition provides Sofina with the opportunity to grow in product categories complementary to our current product lines, and brings expertise and capacity in the manufacture of further processed protein products," stated Michael Latifi, Sofina Foods' Chairman and Chief Executive Officer.
"Though it was a difficult decision to retire from the company that the Janes family has built and operated over the past 43 years, we are very pleased to pass our legacy on to Sofina Foods, another great Canadian family-owned business," said Lembit Janes, Chairman and Chief Executive Officer of Janes Family Foods. Janes, a son of the founder of Janes Family Foods, added, "We fully expect Sofina Foods will be strong supporters of the Janes brand and will continue the customer-focused excellence that has become the hallmark of Janes Family Foods."
The Sofina and Janes businesses are highly complementary and as a result, the combined operations will supply retail and foodservice customers across Canada and the western United States with 14 primary and further processing operations in British Columbia, Alberta, Saskatchewan, Ontario and Washington State.
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 Janes Family Foods
Janes Family Foods is a private, family-owned Canadian company that produces the Janes brand of high-quality processed chicken products (such as nuggets, strips, burgers, and fingers) and processed seafood products (such as battered haddock fillets). The Janes brand is one of Canada's leading national retail brands in frozen chicken, and the only fish processor in North America to be fully certified by the Marine Stewardship Council for sustainably sourced seafood. The company operates two plants in Ontario and is headquartered in Mississauga, Ontario.
Origin Merchant Partners, Stikeman Elliott LLP, and PWC were engaged on behalf of the purchaser. CCC Investment Banking, McMillan LLP, and KPMG were engaged on behalf of the vendor. The companies thank these firms for their support.
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