Canadian private equity firm Champlain Financial Corp has agreed to sell L.B. Maple Treat Corp (LBMT), a Granby, Québec-based producer and distributor of pure maple syrup, to Lantic Inc, an affiliate of Rogers Sugar Inc (TSX: RSI). Lantic, a Montréal-based sugar products business, agreed to pay $160.3 million. Founded in 1946, LBMT was acquired two years ago by Champlain and a consortium of investors, including Daniel Cousineau, the company’s current president, and Fondaction CSN. The seller in the 2015 deal was Bedford Capital. Lantic said the acquisition, expected to close in August, will allow it to “diversify into the large and growing maple syrup market in rapid fashion.”
Champlain Financial Corporation concludes agreement to sell L.B. Maple Treat to Lantic Inc.
MONTRÉAL, CANADA–(Marketwired – July 10, 2017) – Champlain Financial Corporation (“Champlain”) is pleased to announce the signing of an agreement with Lantic Inc. (“Lantic”) to sell L.B. Maple Treat (“LBMT”) for $160.3 million. Rogers Sugar Inc. (TSX:RSI) (“Rogers”), a Canadian corporation, wholly owns Lantic, which operates cane sugar refineries in Montréal, Quebec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility, in Taber, Alberta.
Headquartered in Granby, Quebec, LBMT has two bottling plants in Quebec, the world’s top maple syrup harvesting region, and another plant strategically located in Vermont. The corporation is supported by distribution centres in eastern and western Canada, the US and Australia.
Champlain acquired LBMT in 2015 with a consortium of investors that included Daniel Cousineau, businessman and President of L.B. Maple Treat and set the company on a course solidifying its position as the industry leader via solid organic and acquisitive growth, while continuing to maintain a firm dedication to quality and customer service.
“It’s been a real privilege to work with the management of LBMT over the past couple of years in helping to build and strengthen the platform. Although our departure from the business and industry is bittersweet, we’re thrilled that the ownership remains in strong local hands determined to continue to grow the company on the worldwide stage from right here in Quebec,” said Scott Jackson, Partner of Champlain Financial Corporation.
“We are thankful to Champlain for helping set us on a winning path. We are very excited about our future, as Lantic truly is a perfect fit for LBMT. We will continue to operate our business separately from the Granby headquarters while enjoying Lantic’s support and collaboration. Our strong relationships with more than 1,400 maple syrup partners / producers who are dedicated to harvesting the highest quality maple syrup in the world and the support of the Fédération des producteurs acéricoles du Québec, make us confident in our ability to meet the challenges of continued growth with the quality, reliability and flexibility our customers have come to expect,” said Daniel Cousineau, President of L.B. Maple Treat.
“We are very proud to have LBMT and its employees join the Lantic family. Our Montréal-based company is celebrating its 125th anniversary and has a long-term vision and perspective with regards to its operation. LBMT has a long-standing history of delivering high-quality products to sophisticated customers who expect the best-a tradition we look forward to furthering and building upon. Their expertise and industry leadership will allow us to diversify into the large and growing maple syrup market in rapid fashion,” commented John Holliday, President and Chief Executive Officer of Rogers Sugar Inc. and Lantic Inc.
Champlain and LBMT were advised by Fasken Martineau DuMoulin LLP on this transaction. Lantic/Rogers was advised by TD Securities Inc. and Davies Ward Phillips & Vineberg LLP. The transaction is subject to customary closing and regulatory conditions and is expected to close in the third quarter of this calendar year.
About L.B. Maple Treat
Recognized as a pioneer in the maple syrup industry, L.B. Maple Treat began serving customers in 1975 with a vision of offering an unparalleled level of reliability, flexibility and customer service. Our customers and partners have access to an extraordinary portfolio of products, distribution and production capabilities across North America, Europe and Asia, with the help of our over 160 employees. Our crops are carefully managed by more than 1,400 maple syrup producers who are dedicated to harvesting the highest quality of pure maple syrup. The company owns the L.B. Maple Treat, Uncle Luke’s, Highland Sugarworks and Great Northern brands.
About Champlain Financial Corporation
Champlain Financial Corporation, a Canadian private holding company based in Montréal, Quebec, operates a private investment portfolio, currently with a series of investments throughout Canada. Champlain’s core focus is to serve as a value-added partner in providing equity capital, financing and operational management expertise for small and middle-market companies aspiring to grow within and beyond Canada.
About Lantic Inc. and Rogers Sugar Inc.
Rogers Sugar Inc. is a corporation established under the laws of Canada. It holds all of the common shares of Lantic Inc., which operates cane sugar refineries in Montréal, Quebec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility, in Taber, Alberta. Lantic Inc.’s sugar products are marketed under the “Lantic” trademark in eastern Canada and the “Rogers” trademark in western Canada and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.
Mr. Daniel Cousineau
L.B. Maple Treat Corporation
For all Communication and Media Inquiries:
Mr. Pierre Boucher
Partner, Executive Vice-President
MaisonBrison Communications Inc.
(514) 731-0000, ext. 237
Photo courtesy of L.B. Maple Treat Corp