Maple Leaf closes acquisition of Canadian prepared meat company
Mapple Leaf bought VIAU Foods for purchase price of $215 million, including $30 million in Maple Leaf stock.
With sales of $180 million as of fiscal year ended March 31, 2018, the company expects the transaction to be accretive to its earnings per share in the first year and to the its margin expansion over time.
This acquisition expands Maple Leaf's position in the growing market for premium dry cured and pepperoni meat products and provides further production capacity in Quebec, an important strategic base to grow both Canadian and U.S. sales. It also enables VIAU to expand its portfolio to include raised without antibiotic products, leveraging Maple Leaf's leadership in this growing market.
VIAU produces a range of value-added prepared meat products including Italian cooked meats, sausages, pizza toppings, shaved steak and meatballs. It also produces a range of gourmet deli and premium charcuterie products including salametti, capicollo, pancetta and sliced chorizo. VIAU is a leading supplier of dried pepperoni and other pizza toppings to the North American foodservice industry and markets its products through retailers across Canada.
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