BDO Advises On Simultaneous Sale Of Joint Food Ingredients Manufacturer & Distributor Of Branded Seafood Products

September 17, 2018

BDO Canada is pleased to congratulate Ocean Brands, a division of the Jim Pattison Group, on its recent acquisition of the Club Des Millionnaires brand of premium canned seafood products, and Caldic B.V. on its acquisition of HT Griffin Food Ingredients. The acquired companies were the two operating divisions of Harold T. Griffin Inc.

Over the years, Harold T. Griffin Inc. evolved into two distinct divisions operating under the parent holding company. One was headed by Grant Kenney and specializes in the manufacturing and distribution of food ingredients and customized blending solutions to a variety of Canadian end markets. The other was headed by his brother Bruce Kenney and specializes in the import and distribution of premium canned seafood products under the Club Des Millionnaires brand into retail channels nationwide.

Operating as two distinct divisions posed technical, operational, and tax challenges during the transaction process as both companies shared human and capital resources but faced slightly staggered timelines to close the deals. Two separate divestiture processes were run in parallel, with both divisions attracting interest from different groups of potential buyers and resulting in a timely and successful outcome for all parties ultimately involved.

The new owners will retain all Harold T. Griffin employees, and the previous shareholders will stay on for a very short transition period.

“BDO was attentive to our needs and ran a very professional operation,” said Bruce Kenney, co-owner of Harold T. Griffin and President of the Club Des Millionnaires division. “The quality of the advice and work that was put in from the start was exceptional and allowed us to achieve our goals under a strict timeline given the circumstances.”

“There were many milestones to cross in order to move forward and BDO worked diligently with our other advisors to suggest the best path forward every time,” added Grant Kenney, co-owner of Harold T. Griffin and President of the food ingredients division.

BDO's Transaction Advisory Services team acted as exclusive financial advisor to Harold T. Griffin, assisting Bruce and Grant Kenney throughout the transaction process. The BDO team was composed of Ryan Farkas, Albert Kouzminski, and Thomas Yee, with additional legal, tax, and accounting support from the owners' ancillary advisors.

BDO wishes the parties a successful partnership and continued growth.

About BDO

BDO Canada LLP is a leading provider of professional services to clients of all sizes in virtually all business sectors. Our team delivers a comprehensive range of assurance, accounting, tax, and advisory services, complemented by a deep industry knowledge gained from nearly 100 years of working within local communities. As part of the international BDO network, we are able to provide seamless and consistent cross-border services to clients with global needs. Over 73,000 people work out of more than 1,500 offices in 162 countries, generating worldwide revenue of $8.1 billion.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO member Firms.

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