Sofina Foods Inc. and Janes Family Foods Ltd. signed a definitive agreement under which Janes will become a wholly owned subsidiary of Sofina Foods.
Ontario-based Sofina Foods Inc. and Janes Family Foods Ltd., also based in Ontario, Canada, signed a definitive agreement under which Janes will become a wholly owned subsidiary of Sofina Foods. The terms of the transaction were not disclosed. The transaction is expected to close shortly after required regulatory approvals are received.
"We believe this acquisition provides Sofina with the opportunity to grow in product categories complementary to our current product lines, and brings expertise and capacity in the manufacture of further processed protein products," says Michael Latifi, chairman and CEO of Sofina.
"Though it was a difficult decision to retire from the company that the Janes family has built and operated over the past 43 years, we are very pleased to pass our legacy on to Sofina Foods, another great Canadian family-owned business," says Lembit Janes, chairman and CEO of Janes Family Foods.
The combined operations will supply retail and foodservice customers with 14 primary and further processing operations in Canada (British Columbia, Alberta, Saskatchewan and Ontario) and the United States (Washington).