Canadian sugar refiner pushes into maple syrup business with $160M deal
Rogers Sugar will acquire a syrup bottling firm with two plants in Quebec and one in nearby Vermont
MONTREAL—Rogers Sugar Inc. has struck a sweet deal.
The Canadian sugar refiner and parent company of Montreal’s Lantic Inc., has agreed to acquire a maple syrup bottling and distribution company from Quebec holding firm Champlain Financial Corp.
The $160.3 million acquisition will see L.B. Maple Treat Corp. (LBMT) and its three East Coast plants change hands. Roger Sugar said the acquisition will give it a foothold in the growing market for natural sweeteners while complementing its core sugar processing operations.
LBMT has two bottling plants in Quebec and one in nearby U.S. syrup powerhouse, Vermont. With about 85 per cent of sales coming from exports, it operates distribution centres in Canada, the U.S. and Australia.
“The acquisition of LBMT will allow us to diversify into the large and growing market of maple syrup, a natural sweetener, with one of the leaders in the industry,” John Holliday, president and CEO of Rogers Sugar, said in a statement. “This new platform will provide us with opportunities to grow organically, leverage sales and operational gains, and look at other acquisitions.”
Rogers Sugar expects the deal to close in August.