Blue Goose Capital, a privately-held, Canadian-based protein and organic food company, has announced the acquisition of Tender Choice Foods.
Tender Choice Foods operates processing plant specializing in the processing, packing and distribution of meat products.
Blue Goose's acquisition of Tender Choice contributes to its poultry division by significantly improving the vertical integration of its operations and providing the opportunity for future margin enhancement.
Proceeds from the recently announced investment in Blue Goose by Dundee and Serruya Private Equity Inc. were used to fund a portion of this transaction.
Blue Goose also secured a debt facility of approximately $35 million from a Canadian bank to provide additional funding for the acquisition, to enhance working capital requirements and to provide for future earn out considerations.
"Blue Goose is pleased to have Tender Choice as part of the Blue Goose group of companies," said Ben Nikolaevsky, President and CEO of Blue Goose, "With the acquisition of Tender Choice, Blue Goose has acquired a tremendous platform to build on the rapid growth of its poultry operations, and allows us to facilitate our growth in the industry."
Based in Burlington, Ontario, Tender Choice has been in business for more than 25 years and it specializes in the processing, packing, and distribution of meat products.
The Tender Choice plant engages in processing whole, eviscerated turkeys and chickens, and also has the operational capability to mechanically separate various proteins and co-packing products.
Its customers include well-known brand names in Ontario, and its current export markets include the Unites States, Russia, South Africa, Hong Kong and China.
