Metro Inc. on Tuesday said it has agreed to acquire a majority interest in specialty bakery chain Première Moisson.
The retailer said the initiative would support its efforts to differentiate its grocery stores behind fresh products and presents an opportunity to grow the Première Moisson brand beyond Quebec.
The deal calls for Metro to acquire 23 stores and three production centers. The Colpron-Fiset family, which founded the bakery in 1992, will retain 25% of Première Moisson's capital and will continue to manage the company. The transaction is expected to close in coming weeks, the companies said. Financial terms were not disclosed.
"We are thrilled about this partnership with Première Moisson, the leader in premium artisan breads in Quebec. This transaction will further differentiate our banners and allow us to even better meet the needs of customers who are looking for the very best fresh products. It also represents a growth opportunity for Première Moisson's activities throughout Quebec and eventually elsewhere,” said Eric R. La Flèche, president and CEO of Metro Inc.
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