Groupe Grimaud Sells US Farm23 September 2008
GLOBAL - Groupe Grimaud has announced that it has sold all its shares in Grimaud Farms of California, Inc, to its current president, Rhéal Cayer, whom therefore becomes the sole owner. The sale was finalized on 1 August 2008.
Grimaud Farms of California was founded by Groupe Grimaud in the mid 1980s, the main activity at the time was multiplication of Muscovy ducks. Subsequently, in order to satisfy the demand of the American market, the company added grow-out, processing and distribution of its products to specialized high-end users. Rhéal Cayer joined the company in 2001 and became President in 2003.
After the acquisition of Hubbard in 2005 (broiler chicken genetics) and the strategic alliance with Newsham Choice Genetics (swine genetics) this year, this transaction follows the intention of Groupe Grimaud to focus its development upstream in animal selection and health where Grimaud Farms was not involved. The transaction will allow Rhéal Cayer to realize his entrepreneurial project. Through its various divisions involved in selection and multiplication of poultry, Groupe Grimaud will remain a privilege partner to Grimaud Farms of California.
Frédéric Grimaud said, "I am particularly happy to have been able to conclude this agreement with Rhéal, convinced that he will be able to continue with talent the development of the company."
Rhéal Cayer commented, "This is a great opportunity and I am very happy that I was able to conclude the deal with Frédéric. Groupe Grimaud has been very supportive and I'm convinced that we will continue to work together."
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