Dubai: Dubai-based financial services firm Trussbridge said on Monday it led a consortium of Middle Eastern investors to acquire a majority stake in La Maison Cannelle, a Canadian manufacturer of gluten-free food products.
The move comes as the unnamed investors seek investment in the North American health and wellness food sector, which is expected to be valued at $17 billion by 2016, Trussbridge said in a statement. It did not state the value of the deal. The unnamed investors are from the UAE and Qatar, Rody A. Yared, co-managing director at Trussbridge, said in an email.
Following the acquisition, the consortium will invest in capacity expansion and organic growth of La Maison Cannelle, including entry into the US and the Middle East “at a later stage”, the financial services firm said.
“The consortium has planned to support the company to consolidate its current positioning in Canada, accelerate its growth in the US and support its entry into the Middle East. This will entail expanding production capacity as well as establishing strategic partnerships with distributors and market players,” Yared said. He did not state further details.
La Maison Cannelle, which was set up in 2005, offers more than 80 different types of gluten-free products across categories like bread and bakery, dessert, and prepared meals and dry products. The products are distributed through supermarkets and supplied to restaurant chains and hotels.
Trussbridge was the financial adviser to Jordan’s Nuqul Group’s sale of a minority stake in Fine Hygienic Holdings to a consortium of regional and international investors led by Standard Chartered Private Equity last May.
On new deals, Yared said: “We are currently evaluating new opportunities in the luxury retail and agri-food sectors and aim to build on the momentum from the acquisition of La Maison Cannelle.”
