Transactions & Cases Detail
Smart Balance completes C$66.3 million acquisition of Glutino Food Group
August 3, 2011
Food & Beverage
66.3 Million CAD
On August 3, 2011, Smart Balance, Inc. announced it acquired 100% of the equity interest of Importations DE-RO-MA, which owns Glutino Food Group (“Glutino”), for C$66.3 million, from Claridge.
Glutino, headquartered in Laval, Québec, is a leading manufacturer and marketer of innovative, premium-priced, gluten-free foods sold under the Glutino and Gluten Free Pantry brands. Glutino offers a wide range of shelf-stable and frozen gluten-free products, including snack foods, frozen baked goods, frozen entrees and baking mixes throughout North America and on its website. Glutino had annual sales of C$53.9 million during its fiscal year ended March 31, 2011.
Smart Balance, headquartered in Paramus, New Jersey, is committed to providing superior tasting heart healthier alternatives in every category it enters by avoiding trans fats naturally, balancing fats and/or reducing saturated fats, total fat and cholesterol, and/or by incorporating ingredients that consumers may be missing in their diets.
Claridge, headquartered in Montréal, Québec, is a group of investment companies representing the interests of the Stephen R. Bronfman family. Claridge’s investments span the world and include holdings in the food and consumer, entertainment and real estate industries.
McCarthy Tétrault LLP represented Smart Balance, the acquiror, with a team led by Gabrielle Richards.