LEVIS, Quebec – Poultry cooperative Exceldor acquired a majority stake in Lacroix Meats Inc., a family owned business specializing in value-added and ready-to-cook meats. The companies did not disclose details of the transaction which is subject to authorization by Competition Bureau Canada.
Lacroix recently reported annual sales of C$145 million and a workforce of 450 employees. The company will maintain its corporate identity and will be managed by an independent executive team that includes Maxime Lacroix, president; Michael Lacroix, executive vice president; and Glenn Cardoso, vice president of operations.
“We are extremely proud of the road our company has traveled since its creation. This partnership with Exceldor, a major home-grown organization, fits in naturally with our values and represents a unique opportunity for our clients, employees and company,” Maxime and Michael Lacroix said in a statement. “We will not only be able to maintain our growth, but also accelerate our investments into our know-how and product development to open new markets and continue to offer our clients the best possible service.”
Exceldor markets products under several brand names, including Exceldor and Butterball. The company employs more than 2,350 people and reported sales of C$750 million.
The cooperative divides production between plants in Saint Anselme, Saint Damase, Saint Bruno de Montarville and Saint-Agapit in Quebec, in addition to Hanover, Ontario. The cooperative also co-owns three other poultry businesses — Unidindon and Giannone Poultry in Quebec, and Golden Valley Farms in Ontario.
Additionally, Exceldor plans to open a new distribution center, currently under construction, in Beloeil, Quebec, sometime this year.
“We are very excited to partner with Lacroix and associate with a family who shares common values and a company that has enjoyed outstanding growth, paralleling our own, in recent years,” Exceldor President and CEO René Proulx said. “The business opportunities this partnership entails gives us every reason to look forward to even more impressive growth in jobs and sales in the future. This partnership demonstrates our cooperative's vitality and our ability to generate value for our clients, employees and members.”