Dion Herbs & Spices, the Canada-based supplier of packaged cooking ingredients from dill and ginger to oregano and curry powder, has been sold to a consortium led by private-equity firm Champlain Financial Corporation.
Financial terms were not disclosed and Champlain Financial Corporation declined to reveal the identity of the parties taking part in the consortium. “Champlain manages investments from private investors and family offices,” a Champlain spokesperson said.
Set up in 1996, Dion Herbs & Spices sells products into more than 1,000 retail outlets in Canada and the US. In Canada, the company’s customers include major grocers such as Loblaw, Sobeys and Metro.
The company’s founder, Gaston Dion, is to be replaced at the top of the business. André Fortier, formerly senior vice-president at Loblaw, is to become the firm’s new CEO. Jean-Francois Bieler, previously vice-president for operations and general manager of Atoka Cranberries, has been named the rosemary supplier’s new COO. Mr. Dion’s children, Marie-Andrée Morin-Dion and Samuel Morin-Dion, will also hold unspecified management roles.
The spokesperson said the new owners of Dion Herbs & Spices wanted to see “more aggressive expansion in certain Canadian markets not currently served, as well as the US market”.
He declined to disclose the annual sales and earnings of Dion Herbs & Spices.