Baxters Food Group sells Canadian subsidiary
Established in Saint-Hyacinthe, Baxters Canada makes condensed and ready-to-serve soups, broths, sauces and ready-to eat pasta and packet meals under the brands Baxters, Aylmer and Primo, as well as own-label products.
According to a release from Baxters Canada, the Fonds de solidarité FTQ, Fondaction and Investissement Québec partnered with a group of private investors, led by Champlain Financial Corporation, in the deal.
Baxters Canada said it had invested in equipment for the Saint-Hyacinthe plant to support growth and meet the highest standards. The plant holds internationally recognised Global Food Safety Initiative certification.
‘Ambitious growth plan’
“We have an ambitious growth plan that includes acquisitions and geographic diversification,” said Daniel Cousineau, president and chief executive, Baxters Canada Inc. “That’s why we’re thrilled to team up with the Fonds, Fondaction and Investissement Québec, because all three partners share our vision and have the expertise and financial wherewithal to allow us to achieve our objectives.”
Alain Denis, senior vice-president, innovation and agri-food, Fonds de solidarité FTQ, said: “With this acquisition, the Fonds can help fuel the growth of agri-food exports and position a Québec company in a mature sector that is undergoing consolidation in Canada.
“Baxters Canada is poised to penetrate the US and Mexican markets, as well as develop new products. We have confidence in the skills and experience of the management team, whose mandate will be to drive the company’s growth.”
Baxters Canada origins
Baxters Canada, formerly known as SoupExperts, was founded in 1976 and originally manufactured ready-to-eat vacuum-packed food for the Canadian army.
The Saint-Hyacinthe plant grew over the years to 8,361m2, allowing the company to develop its segment of canned soup and sauces for industrial and own-label customers.
Following its acquisition by Baxters Food Group in 2004, the company was able expand its customer base and acquire licences for the Aylmer and Primo de Conagra labels. Baxters sells 60m cans a year.
