Courchesne Larose Group, a Canada-based supplier of fruit and vegetables, has acquired local peer Veg-Pak Produce for an undisclosed sum.
Montreal’s Courchesne Larose Group said the deal for Ontario-based Veg-Pak marks a “pivotal strategic opportunity” for it to establish itself as a major player in Canada's two largest markets.
“By launching its first physical operations in Ontario, the company will enhance its capacity to effectively and comprehensively serve customers in that province, as well as all major national retailers,” it said.
Veg-Pak, founded in 1943, is described as a value-added wholesaler and processor of fresh produce which serves a diverse range of customers across its region.
It will operate as an independent business division within the Courchesne Larose Group "collaborating where beneficial to better serve their customers”. It will retain its corporate name and branding and its headquarters will remain in Etobicoke.
Leadership at Veg-Pak will remain unchanged with Rick Carnevale and Dan Carnevale continuing in their roles.
Courchesne Larose, which is a major importer of citrus fruit, has been in the hands of the Routhier family since 1959. In 2022, Canadian private-equity firm Sagard became a “major business partner” in the company which employs more than 600 people. This is its first major acquisition since then.
Commenting on the deal, company president Alain Routhier said: "Veg-Pak is a wonderful addition to Courchesne Larose. Our success is built on the strength of our team. Courchesne Larose Group is essentially an extended family where everyone contributes. This acquisition is a testament to our commitment to extending that family and continuing our legacy of excellence."
Veg-Pak’s Rick Carnevale said: "We are excited about our new partnership that will enable both companies to enhance customer service by leveraging each other's best practices. Moreover, we will be able to sell one another's products and services across wider geographies, thereby driving growth in both of our markets.”
