Agropur has struck number of deals in 2013

Agropur has struck number of deals in 2013

Canadian dairy co-op Agropur has struck another deal to buy a local firm - this time Quebec brie and camembert maker Fromagerie Damafro.

The move, announced on Friday (22 November), was the second agreement unveiled in a week. On Monday, Agropur said it had acquired own-label and ingredients supplier M. Larivée International.

The company has also been involved in three other deals this year - the acquisitions of two Canadian companies this summer and the merger with another co-op in April.

Agropur was upbeat about the deal - secured for an undisclosed sum - for family-owned Damafro. "We are very excited about this acquisition," Agropur chairman Serge Riendeau said. "This is a good fit which expands our presence in markets for superior-quality products in what is a fast-growing segment."

Damafro, based in St-Damase in Quebec, makes a range of dairy products, including cheese, Greek yoghurt and goat's milk. It distributes its cheese south of the border in the US.

President Michel Bonnet said: "My family and I are delighted that Damafro is becoming part of such a solid organisation. Agropur will invest in the business and build on the efforts we have made over the years."

In July, Agropur bought British Columbian ice cream maker Coast Mountain Dairy. A month earlier, it snapped up Nova Scotia-based Cook's Dairy.

Those deals followed Agropur's merger with local peer Farmers Co-operative Dairy in April.

Show the press release

Agropur Cooperative acquires Damafro Inc.

LONGUEUIL, QC, Nov. 22, 2013 /CNW Telbec/ - Agropur Cooperative is pleased to announce that an agreement has been reached, as ofNovember 21, 2013, to acquire the assets of Fromagerie Damafro - including those of Fromagerie Clément - located in St-Damase, Quebec. Damafro is a family-run business, a major Quebec producer of fine traditional cheeses, and a Canadian leader in the production of Camembert and Brie. This transaction is subject to the usual conditions, and will be completed in the coming weeks.

"We are very excited about this acquisition," said Serge Riendeau, Chairman of Agropur. "This is a good fit which expands our presence in markets for superior-quality products in what is a fast-growing segment." Michel Bonnet, president of Damafro, commented: "My family and I are delighted that Damafro is becoming part of such a solid organization. Agropur will invest in the business and build on the efforts we have made over the years."

Damafro produces fresh milk cheeses and Greek yogurts. Its product line includes Bries and Camemberts such as Brie Snack, P'tit Connaisseur, Le Manoir, Le Trappeur double and triple crème, and goat cheeses such as Chèvre des Alpes, Le Chèvre Noir, Les Médaillons, Gouda de chèvre and many others. Since 2005, Damafro has been a leading processor of goat's milk in both Quebec and Canada, and distributes its cheeses in the U.S.

Damafro employs 195 people. Once integrated into Agropur, all employees will report to Agropur's Fine Cheese and Ingredients Division. "This acquisition strengthens Agropur's leading position in the production and marketing of fine cheese in Canada," said Robert Coallier, Chief Executive Officer of Agropur. "We will be able to offer our customers an even wider selection and continue innovating in the fine cheese sector."

About Agropur
Founded in 1938, Agropur is an important player in the North American dairy industry. With sales of nearly $3.8 billion, the Cooperative is a source of pride for its 3,400 dairy producer owners and 6,300 employees. Agropur processes more than 3.3 billion litres of milk per year in its 31 plants across North America and boasts an impressive line of products that includes such prestigious brands as Natrel, Québon, OKA, Farmers, Central Dairies, Sealtest, Island Farms, Olympic, Agropur Grand Cheddar and iögo. Visit www.agropur.com

Original source: Agropur