Maple Leaf Foods has finally found a buyer for its pork processing site in Burlington, Ontario, with a sale to private-equity firm Sun Capital Partners.
The Canadian food group first tried to sell the plant in 2008 but the credit crunch and ensuing financial crisis meant buyers could not be found.
Yesterday (9 November), Maple Leaf said it had struck a deal with Sun Capital for around C$20m (US$19.9m).
“This sale will complete the transformation of our fresh pork operations to focus our growth on branded, consumer-focused prepared meats and meals business,” said Maple Leaf CFO Michael Vels.
The deal will see Maple Leaf’s prepared-meats business in eastern Canada remain a customer of the site.
Sun Capital, which was formed in 1995, has investments in the grocery industry including its ownership of regional US retailer Marsh Supermarkets.