SunOpta Inc. acquires Les Importations Cacheres Hahamovitch Inc.
Hahamovitch is a Montreal based distributor of kosher and specialty foods.
23/12/05 SunOpta Inc. has announced that it has acquired 100% of the outstanding shares of 4307623 Canada Inc. into which has been transferred the business, operating assets and liabilities of the business of Les Importations Cacheres Hahamovitch Inc. ("Hahamovitch" or "the Company").
Hahamovitch is a Montreal based distributor of kosher and specialty foods. Hahamovitch has a long-term track record of profitability and has been in business for over 50 years. Over this time Hahamovitch has worked closely with organizations that are now key business units of the SunOpta Canadian Food Distribution Group. Hahamovitch generates annualized revenues of approximately $5.2 million and operates from a 31,000 square foot facility located in Montreal, Quebec.
The operations of Hahamovitch will be integrated as part of the SunOpta Canadian Food Distribution Group and will continue to be managed by Mr. Michael Zimlichman, its President. The business will become a platform for the further development of SunOpta's organic, natural and specialty food grocery distribution business in the Province of Quebec.
The transaction closed on December 22, 2005 and was completed for cash, a non-interest bearing note and certain earn-our provisions based on the future performance of the Company.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last seven consecutive years, SunOpta was included in Profit magazine's 'Profit 100' list of the 100 fastest growing companies in Canada. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Group which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.
