Metro to acquire majority stake in bakery manufacturer Première Moisson

Metro, a food retailer operating in the Canadian provinces of Quebec and Ontario, has entered into a final agreement to acquire a majority stake in Première Moisson, a leading bakery manufacturer and retailer in Quebec.

The Colpron-Fiset family, which established the company in 1992, will retain a 25% stake and will continue to manage the company.

Première Moisson produces and markets premium bakery, pastry and charcuterie products, and operates 22 bakeries in the Greater Montréal area and one in Ottawa.

Select Première Moisson products are sold in grocery stores in Québec and Ontario.

The partnership covers the shares held by the Colpron-Fiset family in all the stores operated by Première Moisson as well as three production centres located in Dorion, Baie-d’Urfé and Terrebonne.

Metro president and CEO Eric La Flèche said the transaction will further differentiate the firm’s banners and allow it to meet the needs of customers looking for the very best fresh products.

"It also represents a growth opportunity for Première Moisson’s activities throughout Quebec and eventually elsewhere," La Flèche added.

Première Moisson president Liliane Colpron said that the partnership enables Première Moisson to make a huge step forward from being a family business to reach a broader scope and scale.

"The strength of Metro and its extensive network offers us a unique opportunity to showcase our high-quality products to a greater number of consumers," Colpron said.

The transaction, which is subject to usual closing conditions, is expected to be completed in the next few weeks.

Established in 1947, Metro operates a network of about 600 food stores under different brands such as Metro, Metro Plus, Super C and Food Basics, and reported sales of around $11bn in 2013.