Major meat-and-seafood supplier Sofina Foods has signed a deal to acquire Quebec-based poultry cooperative Exceldor.
Although the financial terms of the transaction remain undisclosed, Exceldor states that the agreement will “ensure the continuity” of its current operations while also strengthening its nationwide footprint. Furthermore, it aims to “accelerate the growth” of its brands, which include Exceldor, Lacroix, and Granny’s. Notably, Exceldor holds the Canadian license for the Butterball brand.
The cooperative emphasized that the acquisition’s “operational synergies and complementary geographical markets” would enable both Exceldor and Sofina to establish a “foundation for a new chapter – focused on growth, long-term value creation, and the reinforcement of Canada’s food sovereignty.”
According to Michael Latifi, founder, chairman, and CEO of Sofina Foods, this deal aligns with the company’s “desire to continue investing in the Canadian poultry industry, in plants and capabilities, to better serve Canadian consumers from coast to coast.”
Exceldor, owned by approximately 330 poultry producers across Quebec, Ontario, and Manitoba, employs 3,700 people and generates an annual revenue of C$1.4bn ($1bn).
Additionally, the cooperative co-owns Unidindon in Quebec and Blumenort Hatchery in Manitoba.
Subject to the approval of Exceldor’s members and investment shareholders at a meeting scheduled for June 5, the transaction will also require clearance from Canadian competition officials.
Exceldor president and CEO René Proulx described the agreement as a “unique opportunity.” He noted that it ensures the “long-term legacy of generations of producers and employees” who built the cooperative while providing “tools to strengthen our operations and create new opportunities” for them.
Sofina Foods, based in Markham, Ontario, operates as a privately held company with a diverse product portfolio.
Its Canadian brands include Cuddy, Lilydale, and Janes. Globally, Sofina Foods runs over 40 locations and employs more than 13,000 individuals, generating over C$6.5bn in revenue.
Its European brands comprise Young’s Seafood, Karro, and Bloors.
