FoodTrust of PEI, a not-for-profit company established by the provincial government in 2001, is for sale. The announcement was made today by Agriculture Minister Neil LeClair.
FoodTrust supplies premium bulk potatoes to over 300 stores in Ontario and Quebec in specially designed and commercially attractive merchandising units. It also sells locally produced potato spices, frozen blueberries and has developed value-added potato products. Sales in the past year exceeded $3.8 million.
An expression of interest is being invited by the accounting firm Grant Thornton on behalf of the Department of Agriculture.
”FoodTrust is a successful business but it can be more successful by becoming a private sector company which will enable it to access new investment and growth opportunities,” said Mr. LeClair. “The decision to privatize FoodTrust was a joint decision of the provincial government and the board, and I am confident that it will attract significant interest from those who share the vision of the company.”
Mr. LeClair said the first step in the sale of the company will be to invite expressions of interest from interested companies or individuals. He said the sale will take place through an open, fair and transparent process.
“FoodTrust has demonstrated that high value market opportunities exist for products that can meet the growing expectations of consumers,” said Mr. LeClair. “By becoming a private sector company, it has the potential to attract the additional resources to continue its growth.”
Over the past seven years, the provincial and federal governments have invested approximately $5 million in FoodTrust for the creation of a brand, and for product and market development. The company sources product from more than 40 local producers. It employs 12 full-time and 10 part-time staff.