Colabor Income Fund has agreed to acquire Canadian foodservice distributor Bruce Edmeades Co. for C$10 million in cash plus the assumption of debt.
Bruce Edmeades has annual revenues of more than C$230 million in 2007.
The addition of Bruce Edmeades to Colabor’s already strong presence in Ontario through the Summit division represents a natural progression in our plan to consolidate the Eastern Canadian foodservice distribution market,” said Gilles C. Lachance, president and CEO of Colabor. “Bruce Edmeades adds significant volume to our system, due in part to the addition of several prominent clients. With this Acquisition, Colabor’s annual sales are expected to surpass the $1 billion mark.”
Bruce Edmeades currently stocks 9,000 products and operates out of a warehouse in Cambridge, Ontario. The company distributes to customers primarily in Southern Ontario, but also across Canada servicing several large and well-known customers, including Wendy’s, Mr. Sub and Zehrs and other customers operating in the restaurant, healthcare, industrial, education and other industries.
Bruce Edmeades will be integrated within Colabor’s Summit division.
Quebec-based Colabor is a wholesaler and distributor of food and non-food products serving the retail (grocery stores, convenience stores, etc.) and food-service (cafeterias, restaurants, hotels, restaurant chains, etc.) markets. Colabor is had sales of $838 million for the year ended Dec. 31, 2007.