Marbour to acquire Canada’s MRRM in $11m deal

Marbour is to buy Canada’s MRRM in an $11m deal to expand its global presence in the rice market.

Under the deal, Marbour will purchase 100% share of the Canadian firm and MRRM shareholders will receive $4.45 per share in all-cash transaction representing a 58% premium.

Marbour president Jean Bourdillon said: "We believe that Marbour, through SIACOM Canada Inc, brings advantages of scale and investment capability to MRRM, allowing it to grow.

"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."

The transaction has been approved by MRRM’s board of directors, while its shareholders that hold 56.5% of MRRM common shares also have agreed to the deal.

The transaction is expected to close in the second quarter of 2015.

MRRM is the parent company of Les Aliments Dainty Foods, Robert Reford Agency and Dainty Foods International.

MRRM offers whole grain rice, rice by-products and flour in market and also mills, bags, packages, cans, processes, and sells different varieties of rice under its own brand names to food processors, retailers, and food service distributors, as well as for private label customers.

Marseille based Marbour is currently the third largest rice producer and distributor in Europe and employs more than 700 people. It owns and operates 14 sites located in Europe, the Caribbean and Indian Ocean.