TORONTO, ONTARIO – Blue Goose Capital Corp. ("Blue Goose") ("the Company"), a privately-held, Canadian-based protein and organic food company which is a subsidiary of Dundee Corporation ("Dundee") (TSX:DC.A) today announced the acquisition of Tender Choice Foods Inc. ("Tender Choice"), a leading Burlington, Ontario based 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."
About Blue Goose Capital Corp.
Blue Goose is a vertically integrated company focused on the production, distribution and sale of organic and Antibiotic and Animal-Byproduct Free (AABF) beef, chicken and fish. Its mandate focuses on producing and distributing organic protein by raising livestock in an organic environment, with feed from organically grown crops and no substrates or animal by-products in the feed, and by employing the highest standards of animal husbandry and welfare, with no use of artificial growth hormones or antibiotics.
Blue Goose owns over 45,000 acres of farm land in British Columbia, and is a recognized consumer brand with beef, chicken, and fish products distributed to over 640 retail locations across Canada, making Blue Goose well-positioned to capitalize on the high-growth organic food market.
About Tender Choice Foods Inc.
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.
About Dundee Corporation
Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.
Source: Blue Goose Capital Corp.
