The Cara (TSX: CAO) announced Thursday the acquisition of all of Groupe St-Hubert for a consideration of 537 million.
Unable to obtain the reactions of the owner of the two franchises Sherbrooke, Manon Proulx, who has told La Tribune that the group headquarters had given the directive to franchisees not to speak to the media.
Manon Proulx owns the St-Hubert of King West and East St-Hubert Express for about three years, but it is associated with this banner for twenty years. She took over from his father, Jean-Claude Proulx, and his longtime business partner, Luc Rousseau.
St-Hubert is in Sherbrooke since October 1971 and the duo of Messrs. Proulx and Rousseau was franchise owner Sherbrooke in 1979. The restaurant has been located in the city center and then the corner of King Street West and Lomas near King walks. It moved to its current facility in January 2001. The construction of the Rotisserie King Street West then had need of $ 3M investment and openness had created 85 jobs.
For ten years, a second rotisserie chain was born in Sherbrooke. The St-Hubert Express is located in the Fleurimont borough.
Recall that the first St-Hubert, created by the Leger family, was opened in September 1951.
St-Hubert Group now owns the chain of St-Hubert, which has 120 restaurants spread mainly in Quebec, Ontario and New Brunswick and St-Hubert Retail, food division that produces and distributes hundreds of products food in Quebec and in the rest of Canada.
Cara is a company that manages several banners restoration in Quebec and Canada, including Swiss Chalet, Harvey’s and Milestones.
The current leadership of Groupe St-Hubert hold office and headquarters in St. Hubert remain in Quebec.
Cara St-Hubert acquired at a purchase price of 537 million, on a cash basis or without debt. The purchase price includes certain working capital balances and is subject to customary working capital adjustments at closing.
Cara explained that this acquisition will allow it to increase the scope of its retail operations in Quebec and nationally.
The closing of the transaction is subject to customary conditions, including obtaining all necessary approvals of regulatory authorities, and should take place in the summer of 2016.
The St-Hubert Group has over 10,000 employees located in two divisions. As at 27 December 2015, Cara had 1010 restaurants across Canada. Of these, 973 are located in Canada and 37 abroad.