SunOpta Inc. Announces Acquisition of Les Importations Cacheres Hahamovitch Inc.
Published: Thursday, December 22, 2005
Hahamovitch is a Montreal based distributor of kosher and specialty foods. Hahamovitch has a long-term track record of profitability and has been in business for over 50 years. Over this time Hahamovitch has worked closely with organizations that are now key business units of the SunOpta Canadian Food Distribution Group. Hahamovitch generates annualized revenues of approximately $5.2 million and operates from a 31,000 square foot facility located in Montreal, Quebec.
The operations of Hahamovitch will be integrated as part of the SunOpta Canadian Food Distribution Group and will continue to be managed by Mr. Michael Zimlichman, its President. The business will become a platform for the further development of SunOpta's organic, natural and specialty food grocery distribution business in the Province of Quebec.
In welcoming Hahamovitch, Steve Easterbrook, President of the SunOpta Canadian Food Distribution Group commented, "This acquisition will strengthen our supply arrangements with numerous kosher food producers around the world as well as bring new product lines to each company. The quality and certification attributes of kosher foods are very complementary to our organic and natural food categories."
Michael Zimlichman commented, "I am very pleased to have Hahamovitch join the SunOpta team. Our values, principles and knowledge are closely aligned and that will ensure continued integrity in serving the Montreal kosher and specialty food community."
The transaction closed on December 22, 2005 and was completed for cash, a non-interest bearing note and certain earn-our provisions based on the future performance of the Company.