Levis, Que.—Quebec-based food company Exceldor Cooperative has agreed to acquire Parrish & Heimbecker, Ltd., (P&H Foods) which makes the iconic Butterball branded foods.
P&H’s main turkey processing plant located in Hanover, Ont., and a joint venture interest in Golden Valley Farms processing plant located in Arthur, Ont. are part of the deal.
P&H Foods produces and sells products under the Butterball brand in Canada under a licensing agreement with Butterball, LLC, headquartered in Garner, N.C.
The transaction is expected to close in the third quarter of 2014, depending on regulatory approvals.
Financial details were not disclosed, but Exceldor forecasts revenues of about $625 million after the deal.
“The acquisition of P&H Foods gives us the opportunity not only to expand our operations outside the Province of Quebec, but also integrate Butterball to our portfolio of existing brands in Canada, positioning Exceldor to be the market leader in the turkey processing industry in Canada.” said René Proulx, Exceldor’s president and CEO.
Exceldor is a cooperative that produces 1.4 million chickens and turkeys annually with four facilities in Quebec. It employs more than 1,400 people and generates $500 million in revenues.
P&H Foods, a family-owned business in Winnipeg, employs 400 workers focused on grain procurement and merchandising, milling, animal nutrition programs, poultry farming and food processing.