TORONTO, Sep 2, 2004 (CCNMatthews via COMTEX) -- SunOpta Inc. (SunOpta) (STKL) (CA:SOY) today announced that it has reached an agreement with the shareholders of Kofman-Barenholtz Foods Limited (Kofman-Barenholtz) to acquire 100% of the outstanding shares of the company. The all cash transaction has been completed.
Kofman-Barenholtz is an established market leader in the distribution of kosher and specialty grocery products across Canada, with over 50 years of experience. Kofman-Barenholtz, headquartered in Toronto, maintains a number of exclusive sourcing arrangements with kosher foods suppliers from around the world, including Israel and the United States.
Kofman-Barenholtz's focus and strength in the kosher and specialty grocery products market further strengthens SunOpta's Canadian natural, organic and specialty foods distribution network. This transaction also positions SunOpta as the dominant kosher foods distributor. Kofman-Barenholtz has a history of profitability with stable revenues of approximately Cdn $11.0 million annually.
Mr. Stephen Bronfman, Director and shareholder of SunOpta, commented that "I am very pleased with today's announcement. The acquisition of Kofman-Barenholtz will benefit the kosher market as a whole, as SunOpta's distribution expertise will assist in bringing more products to market, developing new products and strengthening supply arrangements, as well as extending geographic reach to markets not traditionally serviced by kosher suppliers."
Jeremy Kendall, Chairman and CEO of SunOpta Inc., commented that "We are delighted to reach this agreement with the shareholders of Kofman-Barenholtz. Beyond strengthening our market position, this acquisition substantiates our national distribution goals, as we strive to improve service to our customers across Canada by expanding our national platform."
To learn more about Kofman-Barenholtz, please visit www.kofbar.com.
SunOpta Inc. is an owner/operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last six consecutive years, SunOpta was included in Profit magazine's 'Profit 100' list of the 100 fastest growing companies in Canada. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the StakeTech Steam Explosion Group that engineers and markets clean pulping systems using patented steam explosion technology. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.
Note: This news release may contain forward-looking information. Actual future results may differ materially. The risks, uncertainties, and other factors that could influence actual results are described in the Company's annual report to shareholders and in SEC filings.