Dare Foods Limited announced today that it will acquire the cookie, fine bread and soup businesses of Culinar Inc., under a partnership agreement signed with Saputo Inc. of Montreal. This transaction is expected to be completed by mid July, subject to the usual closing conditions and Competition Bureau approval. This acquisition effectively doubles Dare’s Canadian business and gives it the second largest retail market share in the cookie category in Canada.
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“It’s an excellent fit,” says Graham Dare, Executive Vice President of Dare Foods and part of the fourth generation of the family at the helm of the 109-year old company. “Culinar’s strong presence in Quebec and its popular chocolate coated cookie brands perfectly complement Dare’s Canada-wide reputation for plain and sandwich cookies and our worldwide success as the maker of Breton Crackers,” he added.
“This acquisition is consistent with our objective to be number one or two in every market in which we operate and to provide our retail clients a wider range of innovative products from a Canadian manufacturer, and a strong direct-to-store sales force,” said Dare.
Included in the acquisition are Culinar’s Viau McCormicks line of products (Wagon Wheels, Viva Puffs, Whippet, Goglu, Village, Imagine and Normandie); the new Vachon Ah Caramel! Cookies; the Grissol line including Melba Toast, Bread Sticks and Croutons; and the Loney’s line of dried soups.
The purchase also includes three of Culinar’s Montreal area bakeries and a Montreal distribution centre. With its existing manufacturing facilities generally operating at close to capacity, Dare anticipates minimal overlap in the two operations.
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By GlobalDataUnder the partnership agreement, Saputo Inc. will take a minority interest in the Dare group of companies. Dare, however, continues to be a privately owned Canadian company, controlled by the Dare family, whose core business is the manufacturing and distribution of quality cookie, cracker and candy products. Dare’s well-known products include Chocolate Fudge, Maple Leaf Creme, Simple Pleasures and Breaktime cookies, Breton and Vinta crackers and a variety of candy products including RealFruit Gummies. The company operates three bakeries and two candy plants in Canada and the United States.
Dare Foods was founded in 1892 when Charles H. Doerr started a bakery in Berlin, Ontario, making cookies, candies and crackers that quickly became favourites throughout southwestern Ontario. Similarly, in 1867 Charles- Theodore Viau started a small bakery in Montreal that grew into the core of the Cookie, Fine Breads and Soup Division of Culinar.
“This acquisition is more than a simple exercise in business economics; it represents the strengthening of two strongly traditional Canadian companies committed to our industry and market, and capable of competing around the world,” said Graham Dare.
