Sofina Foods to acquire poultry cooperative Exceldor

Protein product manufacturer Sofina Foods Inc. has struck a deal to acquire Quebec-headquartered Exceldor Cooperative. 

The poultry cooperative’s members and investors will vote on the sale during a meeting on June 5.

Exceldor said the deal will strengthen its national presence and accelerate the growth of brands like Exceldor, Lacroix, Granny's, Butterball and Saha Halal.

The companies say the deal is focused on “growth, long-term value creation and the reinforcement of Canada's food sovereignty.”

"We are entering this next chapter with great enthusiasm. This agreement is a unique opportunity that will enable us to continue our activities in an increasingly competitive environment. The proposed acquisition by Sofina ensures the long-term legacy of generations of producers and employees who built the Exceldor Cooperative. It gives us the tools to strengthen our operations and create new opportunities for our producers and employees. It is also important to note that consumers will continue to enjoy high-quality Exceldor-branded products in Quebec and Granny's-branded products in Manitoba—raised and processed in their respective provinces," said René Proulx, president and CEO of Exceldor cooperative, in a press release.

Michael Latifi, founder, chairman and CEO of Sofina Foods, said the deal reflects the company’s desire to continue investing in the Canadian poultry industry.

“Exceldor is a well-established organization with whom we share a common culture of excellence, discipline and integrity. We look forward to working with Exceldor's team to further elevate its flagship brands in Quebec and across Canada," Latifi added.

The transaction is also subject to approval by the Competition Bureau.

Sofina Foods’ Canadian branded product family includes Cuddy, Lilydale, Janes, Mastro, San Daniele, Fletcher's and Vienna.