Agriculture Minister Neil LeClair today announced that FoodTrust of Prince Edward Island has been sold to a private sector company. The new ownership group, made up of shareholders of Mid Isle Farms Inc. and others, will operate the company as FoodTrust 2008 Ltd. The sale was made at the request of the board of directors of FoodTrust to enable it to access private sector equity investment. The provincial government issued a request for expressions of interest earlier this year.
FoodTrust was incorporated as a private, not-for-profit company in 2001. The board of directors included representatives of the primary resource and food service sectors. Its main product is a line of premium potatoes which are sold throughout Ontario and Quebec in specially designed merchandising units.
“The sale of FoodTrust to the private sector will enable the company to build on its success by attracting new investments and continuing its growth,” said Mr. LeClair. “I am pleased that the new owners are committed to pursuing opportunities to develop and market high quality products from Prince Edward Island that can attract premium prices.”
Mr. LeClair paid tribute to the vision of the FoodTrust board, staff and suppliers in developing the company and its products. He said it has significant potential to become a growing and successful company.
“FoodTrust 2008 looks forward to the opportunity of building on the unique success that the former company has achieved in the marketplace,” said Elmer MacDonald, chair of the new group. “We are also pleased to have Ivan Noonan with his experience managing the company. There are many exciting prospects for growth in the marketplace for high quality Prince Edward Island products, and we look forward to exploring and developing new markets and new products that can improve returns to the Island economy.”
The sale took place following a competitive and transparent bidding process through the accounting firm Grant Thornton. The terms of the sale were not disclosed.