Montreal, June 17, 2014 - Metro Inc. is announcing today that it has signed a final agreement to acquire a majority interest in Première Moisson, a leading Quebec bakery manufacturer and retailer. The Colpron-Fiset family, which founded the company in 1992, will retain 25% of Première Moisson's capital and will continue to manage the company.
“We are thrilled about this partnership with Première Moisson, the leader in premium artisan breads in Quebec. This transaction will further differentiate our banners and allow us to even better meet the needs of customers who are looking for the very best fresh products. It also represents a growth opportunity for Première Moisson's activities throughout Quebec and eventually elsewhere.” said Eric R. La Flèche, President and CEO of Metro Inc.
Liliane Colpron, President of Première Moisson, commented in these terms: “Through this partnership with Quebec's leading food distributor, Première Moisson makes a huge step forward from being a family business to reach broader scope and scale. The strength of Metro and its extensive network offers us a unique opportunity to showcase our high quality products to a greater number of consumers. We are proud that the close relationship that we share with Metro for over 20 years has given rise to this partnership.”
The partnership covers the shares held by the Colpron-Fiset family in 23 Première Moisson stores and three production centers located in Dorion, Baie-d'Urfé and Terrebonne. The Colpron-Fiset family and its team will continue to manage Première Moisson and ensure the growth and reputation of the brand. The agreement with Metro provides for the maintenance of all jobs at Première Moisson and partnerships in place with bakery-owners.
The closing of the transaction, which is subject to the conditions that normally govern transactions of this nature, should take place within the next few weeks.
Founded in 1992, Première Moisson produces and markets premium bakery, pastry and charcuterie products prepared with healthful ingredients in keeping with time-honoured, artisan tradition. From the outset, the company has featured a signature blend of freshness, quality and authenticity, values which continue to shape Première Moisson's development strategy. The company operates 22 bakeries in the Greater Montréal area and one in Ottawa. Select Première Moisson products are sold in grocery stores in Québec and Ontario.
With annual sales of over $11 billion, METRO INC. (TSX: MRU), founded in 1947, is the only major Canadian food distribution company to have its head office in Quebec. Along with its affiliates and franchisees, METRO INC. employs in Quebec and Ontario over 65,000 people, whose mission is to satisfy their customers every day and earn their-long term loyalty. METRO INC. operates a network of almost 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.
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We have used, throughout this press release, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information. In general, any statement contained herein, which does not constitute a historical fact, may be deemed a forward-looking statement. The expression “aimed at” as well as the use of future and conditional tenses are generally indicative of forward-looking statements. These forward-looking statements do not provide any guarantees as to the future performance of the Corporation or the outcome of the transaction and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. An economic slowdown or recession, or the arrival of a new competitor, are examples described under the “Risk Management” section of the 2013 Annual Report which could have an impact on these statements. We believe these statements to be reasonable and pertinent as at the date of publication of this report and represent our expectations. The Corporation does not intend to update any forward-looking statement contained herein, except as required by applicable law.
Senior Director, Corporate Affairs Department