Scotsburn Co-operative Services Limited will continue its focus on growth in ice cream through an agreement in principle to purchase Les Aliments Lebel Foods Inc., a family-owned company based in Lachute, Quebec, that produces premium ice cream and novelties.
‚ÄúToday‚Äôs announcement gives Scotsburn a tremendous opportunity to build on our growth as a leading ice cream producer and supplier across Canada,‚ÄĚ said Doug Ettinger, President and Chief Executive Officer of Scotsburn. ‚ÄúBy continuing to increase Scotsburn‚Äôs focus on ice cream ‚Äď most recently with this proposed purchase of Lebel ‚Äď we are also opening the door to major growth opportunities throughout North America.‚ÄĚ
Gaetan Lebel, President and company founder of Les Aliments Lebel Foods Inc., will continue to oversee operations on behalf of Scotsburn at the Lebel plant in Lachute, which employs approximately 160 people. Gaetan followed in the footsteps of his father, Augustin Lebel, who was an ice cream manufacturer in the Saguenay Region in the 1930‚Äôs.
‚ÄúThanks to the co-operative ownership of Scotsburn, the respect for local autonomy and commitment to Lebel‚Äôs successful brands, I am confident that Scotsburn‚Äôs values are very much aligned with the values of Lebel, our employees and our partners throughout Quebec,‚ÄĚ said Lebel.
The proposed purchase price of the Lebel transaction is confidential to both parties. Closing of the transaction is subject to due diligence and satisfying relevant regulatory approvals. Final closing of the transaction is expected to take place by March 2014.