Fonds de solidarité FTQ, Fondaction, and Investissement Québec have partnered with a group of private investors to acquire Baxters Canada Inc.
Saint-Hyacinthe, Que. – A group of financial organizations have scooped up Baxters Canada Inc., one of the largest soup manufacturers in Canada.
In a statement, the three financial partners – Fonds de solidarité FTQ, Fondaction, and Investissement Québec – announced the acquisition saying they are each investing $8 million and will become shareholders of the food company.
The trio also partnered with a group of private investors led by Champlain Financial Corporation to make the acquisition.
Geneviève Bouthillier, deputy chief Investment officer at Fondaction, says in the statement that the organization decided to partner in the acquisition because it “will help preserve close to 200 quality jobs in Saint-Hyacinthe.” She adds that, “We’re sure that Baxters will be able to innovate to continue growing and increasing its exports abroad.”
Baxters Canada, which used to be a subsidiary of Scotland-based Baxters Food Group Ltd., manufactures canned soups and sauces.
Baxters Food Group broke into the Canadian market when it acquired SoupExperts in Saint-Hyacinthe in 2004.
The statement says SoupExperts “originally manufactured ready-to-eat vacuum-packed food for the Canadian army.” The plant grew over the years allowing the company to branch off into canned soups and sauces for industrial and private-label customers. Once Baxters acquired it, the company expanded further and acquired licences for the Aylmer and Primo labels.
The company operates under three brands: Aylmer, Primo and Baxter, and sells 60 million cans per year.