France-based rice producer Marbour has agreed to acquire 100% stake in Canadian establishment MRRM.
Both the companies have entered into a definitive agreement to this effect.
MRRM mills, bags, packages, cans, processes, and sells different varieties of rice under its own brand names to food processors, retailers, and food service distributors, as well as for private label customers.
It markets and sells whole grain rice, rice by-products, and flour.
MRRM offers canned rice products under the Dainty brand; and other packaged products under the Dainty, Royal, World Classics, Ideal, Rice Now!, and Time-Wise brands.
Marbour president Jean Bourdillon said: "We believe that Marbour, through SIACOM Canada Inc., brings advantages of scale and investment capability to MRRM, allowing it to grow.
"Marbour has a strong track record of investing in, and successfully integrating, its acquisitions and we believe that this transaction is beneficial to MRRM shareholders as well as its employees and other stakeholders."
The $11m transaction has been approved by the Board of Directors of MRRM.
The shareholders with 56.5% stake in MRRM have also agreed to vote in favour of the proposed acquisition.
Currently, Marbour owns and operates 14 sites across Europe, the Caribbean and the Indian Ocean. It employs more than 700 people.
Said to be the third largest rice producer and distributor in Europe, Marbour's 75% business operations are involved in the production of dry rice and ready-to-eat rice.
Image: Marbour's 75% business operations are involved in the production of dry rice and ready-to-eat rice. Photo: courtesy of amenic181 / freedigitalphotos.
