Tricor Pacific Founders Capital has acquired Saxon Chocolates, a maker of fine Belgian chocolate and a variety of other confectionery products.
Saxon Chocolates is a manufacturer of packaged premium chocolates. The company can create custom programs that can vary from simple label changes to the development of complete flavor profiles or products, packaging and graphic design. The company was founded in 1994 and is based in Toronto (www.saxonchocolates.com).
Tricor Founders made its investment in Saxon through Ganache Gourmet, an umbrella company formed by Tricor Founders to acquire and build a number of companies in the edible gifting and confections market sectors. Ganache already owns Totally Chocolate, a specialty chocolate company capable of custom molding premium Belgian chocolate and digitally printing packaging to individual customer requirements (www.totallychocolate.com).
“The edible gifting and confections market is really large, and yet Saxon Chocolates is a truly unique company within the sector. There really aren’t many other businesses like it. We hope to make further acquisitions adding capabilities and expanding our footprint over the years,” said Derek Senft, Managing Director of Tricor Founders who led the buy of Saxon Chocolates.
Tricor Founders is actively building an integrated but decentralized portfolio of food businesses. Its existing portfolio is focused on prepared foods (through Freshstone Kitchen), specialty protein (through Purewater Foods), and – as already mentioned – edible gifts and confections (through Ganache Gourmet). Tricor Founders is led by its three managing directors – Richard Harris, Rod Senft, and Trevor Johnstone – and is based in Vancouver, BC (www.tricorfounders.com).
“This acquisition is consistent with our strategy of making control investments in food businesses, with EBITDA of $3 to $10 million, across Canada and the Mid-West and Western USA,” said Mr. Harris. “We are also pleased to announce the hiring of Ranjit Vazhapilly who has joined Ganache Gourmet with responsibility for both Saxon Chocolates and Totally Chocolate and will be based in Toronto. Ranjit is an experienced senior food industry executive – he was previously the COO of Toronto-based Embassy Flavours – with strong expertise in operations and supply chain management.”
The Bank of Montreal provided financing to support this acquisition and Collins Barrow provided transaction advisory services to Tricor Founders.
© 2017 Private Equity Professional | June 20, 2017
