The Competition Bureau of Canada has approved the transaction.
La Coop federee will be able to move forward with its offer to purchase the F.Menard business. The Competition Bureau of Canada has agreed to the sale of all of the company’s assets located in the Monteregie region to Ange-Gardien, working in the pork and flour milling sector.
La Coop federee, its Olymel and Sollio Agriculture divisions, as well as the management of F. Ménard, announced on July 9, the conclusion of an agreement for an acquisition.
The closing of this transaction should take place on January 6, 2020, once all the provisions of the agreement concluded between the parties have been fulfilled, indicates La Coop federee. The amount of the transaction had not been disclosed.
By acquiring F. Menard, “Olymel and Sollio Agriculture will endow Quebec and Canada with one of the most important companies in the agrifood sector, both in the meat sector and in the milling sector. This acquisition strengthens our ability to measure ourselves against world-class companies and to consolidate our place on the domestic and international markets, ”said Chairman of the Board of La Coop federee, Ghislain Gervais.
Rejean Nadeau, President and Chief Executive Officer of Olymel, said that the transaction would contribute as much to the continued growth of F. Menard as that of Olymel. Sollio’s management has indicated that the activities of F. Menard in milling would consolidate its own activities in Quebec.
Luc Menard, CEO of F. Menard, remains in the company and says he wants to ensure a harmonious transition. He says he believes the transaction will grow business in Canada and internationally. He is also confident that the transaction will allow him to continue to serve his customers and pursue “mutually profitable” business relationships with his suppliers.
The company F. Menard employs over 1,200 people and specializes in the production, processing and marketing of pork as well as in milling activities. It produces more than 1.1 million pigs annually, or more than 15% of Quebec pork production. The transaction includes, in particular, pig farms, establishments for processing and further processing pork, two businesses specializing in butchery, a transport fleet, as well as two mills.