Maple Leaf Foods Inc. has signed a definitive agreement to acquire VIAU Foods for $215 million. VIAU is a Canadian market leader in premium Italian cooked, dry cured and charcuterie meats. VIAU had 12 month revenue of $180 million. The purchase price includes $30 million in Maple Leaf stock.
"This acquisition expands Maple Leaf's position in the growing market for premium dry cured and pepperoni meat products and provides further production capacity in Quebec, an important strategic base to grow both Canadian and U.S. sales,” said Michael McCain, president and CEO of Maple Leaf Foods. “It also enables VIAU to expand its portfolio to include raised without antibiotic products, leveraging Maple Leaf's leadership in this growing market."
VIAU's management team will remain in place following the acquisition. The transaction is expected to close in December, subject to regulatory review.