Agropur Cooperative, Canada, and Agrifoods International Cooperative Ltd., also based in Canada, concluded an agreement pursuant to which Agropur will become the sole owner of Ultima Foods Inc.
Ultima Foods, owner of iögo and Olympic brands, is a 50-50 joint venture by Agrifoods and Agropur.
"I am very pleased with this transaction. Our partnership with Agrifoods has been exceptional, and I want to thank our partner for its historical commitment in jointly developing Ultima Foods. This transaction continues along the course we have charted and will support our long-term development in the yogurt category," says René Moreau, president of Agropur. "We are always very proud when we are able to keep processing assets in the hands of Canadian dairy farmers."
"We are proud that our successful partnership with Agropur resulted in Ultima Foods becoming an industry leader with brands enjoyed by Canadians from coast to coast," says Tim Hofstra, president and chair of Agrifoods. "This is a very positive transaction, as it will create the optimal condition for Ultima Foods' development, and will enable the company to remain in the hands of Canadian dairy producers."
"Our business relationship with Agrifoods has been very fruitful. Among other things, it led to the creation of the iögo brand, a launch that is considered a milestone in the history of Canada's food industry, and more recently the rebranding of Olympic. This transaction is a unique opportunity to develop and optimize our business model," says Robert Coallier, chief executive officer of Agropur.
"Agrifoods is proud to have been a partner in the successful creation of iögo and re-brand of Olympic," says Maheb Nathoo, chief executive officer of Agrifoods Cooperative. "And, we want to express our sincerest thanks and appreciation to all of the staff and management at Ultima Foods, whose continued hard work and dedication made this a reality."
Ultima Foods employs approximately 660 people in Canada and operates two plants in Granby, Quebec and Delta, B.C.