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Let’s TalkLactalis Canada Acquires Marie Morin Canada to Expand Dessert Portfolio
Lactalis Canada, a dairy products producer based in Ontario, Canada, acquired Quebec-based dessert manufacturer Marie Morin Canada, on August 1, 2023. The transaction includes Marie Morin Canada’s production facility in Saint-Bruno-de-Montarville, Quebec, and excludes the separate Marie Morin France, the founding company. Marie Morin complements Lactalis’s dairy portfolio, which includes cheese, yogurt, table spreads, and fluid (such as milk and cream) brands. The deal marks the company’s North American entry into the dessert category in Canadian and U.S. markets.
Transaction Summary
Our Take on the Acquisition
Lactalis Canada (acquirer) develops its product portfolio to meet consumer demand. The dessert line made by Marie Morin (target) is a logical acquisition since the desserts are mainly dairy based. As a producer and supplier of dairy products, Lactalis will benefit from substantial cost efficiencies supplying ingredients to Marie Morin.
The Facts of the Acquisition
- Target: Marie Morin makes fresh and frozen, French-style desserts such as cheesecake, crème brûlée, and chocolate mousse. It sells its products mainly in Canada and sells through distributors in the United States, Mexico, China, and Taiwan.
- Acquirer: Lactalis Canada is part of Lactalis Group, a family-owned global business and the world’s largest dairy group, headquartered in Laval, France. Lactalis Canada alone has more than 30 operating sites, including 19 manufacturing plants in Canada, and revenue of USD $1.4 billion. It has four divisions and 16 brands.
The Transaction
| Date: | August 1, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand Lactalis Canada’s portfolio to desserts and into Canada and the United States. |
| Acquirer’s Statement: | Mark Taylor, president & CEO of Lactalis Canada – “We are delighted to add Marie Morin Canada and its product line of signature desserts to the Lactalis Canada family. As part of our broad-based dairy portfolio that continues to evolve and expand to meet consumer trends and demands, this acquisition will enable Lactalis Canada to pursue its strategy in developing desserts for the North American market and will further expand our product offering for our valued retail and foodservice customers.” |
Target/Seller: Marie Morin Canada
Company Information
Product Information
| Products: | Cheesecakes – Rich sweet tarts made in various flavors with fresh cream and soft cheese on a base of crushed cookies Chocolate Desserts – Chocolate mousse and hot chocolate soufflé Crème Brûlée – Creamy, pudding-like, baked vanilla custard with a brittle topping of caramelized sugar Flans – Smooth cream and a generous layer of caramel or maple syrup Seasonal Desserts – Desserts made from seasonal ingredients like pumpkin and strawberry |
| Market Reach: | Canada China Mexico Taiwan United States |
Financial Information
| Revenue: | USD $5.9 million (Unconfirmed source: ZoomInfo) |
| Revenue per Employee: | USD $113,462 (i.e., USD $5.9 million / 52 employees = USD $113,462 – estimated based on the number of employees from Lactalis Canada and the revenue from ZoomInfo) |
Did You Know?
New York-style cheesecake is popular, but cheesecake didn’t originate in New York or the United States. The earliest known cheesecake was found in Greece in the 5th century B.C. and possibly made from wheat flour, pounded cheese, and honey. Cream cheese was invented in 1872 by New York farmer William Lawrence; he called it “Philadelphia.” Arnold Ruben, a restaurant owner, created the first New York-style cheesecake in 1929 using a Jewish cheesecake recipe with kosher ingredients.
Target/Seller Overview: Marie Morin Canada
Marie Morin Canada was established in 2004 and is based in Saintt-Bruno-de-Montarville, Quebec. The enterprise was born out of a simple commitment: Industrialize homemade recipes and offer consumers unique, restaurant quality, delicious desserts, made under the highest food safety standards. The company sells mostly in Canada and through distributors in the United States, Mexico, China, and Taiwan.
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Explore Your Options NowBuyer/Acquirer: Lactalis Canada
Company Information
| Buyer: | Lactalis Canada |
| Website: | lactalis.ca |
| Founded: | 1881 |
| Industry: | Food and Beverage Manufacturing – Dairy Products |
| Type: | Private with one round of private equity funding |
| Employees: | 4,000 (Source: company website) |
| Locations: | Head Office: 405 The West Mall, 10th floor, Toronto, Ontario, Canada Regional Office #1: 1939 Centre Ave SE, Calgary, Alberta, Canada Regional Office #2: 3410 – 24th Avenue N, Lethbridge, Alberta, Canada Regional Office #3: 7178 Vantage Way, Delta, British Columbia, Canada Regional Office #4: 26 Elm Avenue North, Grunthal, Manitoba, Canada Regional Office #5: 9 Provincial Road, 240 St. Claude, Manitoba, Canada Regional Office #6: 330 Mazenod Road, Winnipeg, Manitoba, Canada Regional Office #7: 184 Black Diamond Rd, Belleville, Ontario, Canada Regional Office #8: 160 Jamieson Bone Rd, Belleville, Ontario, Canada Regional Office #9: 16 Shaftsbury Ln, Brampton, Ontario, Canada Regional Office #10: 70 Dickinson Dr, Ingleside, Ontario, Canada Regional Office #11: 65 Bathurst St, London, Ontario, Canada Regional Office #12: 6045 Edwards Blvd, Mississauga, Ontario, Canada Regional Office #13: 100 St. George Street, Mitchell, Ontario, Canada Regional Office #14: 461 Stewart Rd, Niagara-on-the-Lake, Ontario, Canada Regional Office #15: 500 Barrydowne Rd, Sudbury, Ontario, Canada Regional Office #16: 134 Waterloo St S, Thunder Bay, Ontario, Canada Regional Office #17: 25 Rakely Crt, Toronto, Ontario, Canada Regional Office #18: 490 Gordon St, Winchester, Ontario, Canada Regional Office #19: 500 Rue Principale, Gabby, Quebec, Canada Regional Office #20: 9 Rue Lafreniere, Laverlochere, Quebec, Canada Regional Office #21: 2177 Boulevard, Fernand-Lafontaine, Longueuil, Quebec, Canada Regional Office #22: 7460 Rue St. Jacques W. Montreal, Quebec, Canada Regional Office #23: 401 Rue Marie-Curie, Vaudreuil-Dorion, Quebec, Canada Regional Office #24: 75 Boul Pierre Roux Est, Victoriaville, Quebec, Canada |
Product Information
| Products: | Butter – Dairy product made from the fat and protein of churned cream Cheese – Dairy product made by fermenting milk and draining off the excess liquid Cream Cheese – Soft, spreadable, mild-tasting fresh cheese made from milk and cream Dairy Powders – Full-fat or skimmed milk powders Dairy Protein Concentrates – Type of dairy ingredient in which the overall protein content is enriched Milk and Milk Products – Milk, cream, sweetened milk, and other milk-derived products Whey Powder and Whey Replacers – Spray-dried form of sweet dairy whey from cheese manufacturing |
| Brands Include: | Cracker Barrel Président Black Diamond P’tit Québec Balderson Cheestrings Ficello |
| Market Reach: | (Lactalis Canada only): Canada United States |
Financial Information
| Revenue: | USD $1.4 billion |
| Revenue per Employee: | USD $1.4 billion (i.e., USD $1.4 billion / 4,000 employees = USD $350,000 – estimated based on the number of employees from the company website and the revenue from ZoomInfo) |
Buyer/Acquirer Overview: Lactalis Canada
Lactalis Canada produces dairy products and has a 140-year brand heritage. It operates across Canada and exports products to the United States. It is part of Lactalis Group, the world’s largest dairy group, based in France.
Did You Know?
Lactalis Group was established in 1933 and is a family-owned global business with over 85,000 employees in 94 countries, 270 operational facilities, 266 production sites in 51 countries, and revenue of EUR €20 billion (USD $21.8 billion). Europe accounts for 56% of revenue, the Americas for 25%, Asia and Oceania for 13%, and Africa and the Middle East for 6%. Cheese, 33%, and milk, 25%, are the group’s top two business sectors.
Previous Acquisitions by Lactalis Canada
- Ultima Foods (2020) – A manufacturer of yogurt and fresh dairy products. The company was based in Quebec, Canada
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Sources
- Company Profile
- marie-morin.ca
- lactalis.ca
- Other Sources
- Unconfirmed Sources