MONTREAL—Food producer MRRM Inc. has agreed to be acquired by Marseille, France-based food and beverage company Marbour S.A.S.
Marbour will pay $11 million, a 58 per cent premium over MRRM’s February 9 closing price. The Transaction is expected to close in the second quarter of 2015.
“We believe that Marbour, through SIACOM Canada Inc., brings advantages of scale and investment capability to MRRM, allowing it to grow,” said Jean Bourdillon, president of Marbour. “Marbour has a strong track record of investing in, and successfully integrating, its acquisitions and we believe that this transaction is beneficial to MRRM shareholders as well as its employees and other stakeholders.”
Should MRRM receive a better offer, Marbour can match it or receive a $450,000 termination fee.
MRRM Inc. is the parent company of MRRM (Canada) Inc., which operates under brand names Les Aliments Dainty Foods, Robert Reford Agency Inc. and Dainty Foods International Inc.. All are wholly-owned subsidiaries operating in the food industry and in the ship agency services business. Les Aliments Dainty Foods has been milling and processing rice for over a century.
Marbour is a privately-held company based in Marseille, France. It has more than 700 employees, and owns and operates 14 sites in Europe, the Caribbean and around the Indian Ocean. Two thirds of Marbour’s operations are focused on the international rice business, and it is currently the third largest rice producer and distributor in Europe.