Quebec-based soybean exporter and seed company Ceresco is in the process of being sold to investors that include the head of the soybean company Prograin.
Co-founders Thierry Gripon and Mireille Raymond say they have reached a deal to sell the food grade, non-GMO export and seed sales business to Transit BD and Alain Létourneau Holdings.
Ceresco, which is based at St-Urbain-Premier, QC, works with around 450 growers in eastern Ontario and Quebec, producing non-GMO, identity preserved (IP), conventional and organic soybeans for human consumption.
“We are very pleased to have concluded this transaction with the founders of the company. Ceresco has a significant international development potential and we are very enthusiastic about further developing this Quebec jewel,” says Transit BD shareholder Pierre Dagenais.
Transit BD is a holding company owned by Dagenais, Jefo Nutrition Inc. and Beaudier Inc. It’s also a shareholder in a company that specializes in crop cleaning and containerization at the Port of Montreal.
Alain Létourneau is the president and CEO of Semences Prograin, another Quebec-based company that develops and sells soybean seed and exports soybeans, specializing in the IP market.
“We are convinced that the new group of shareholders will be successful in carrying out projects and the future destiny of the company. We have put in place a strong management team that will support the new owners. We are particularly proud to have built this beautiful company with our employees, soybean producers and international customers,” said Gripon, who will continue to lead Ceresco’s international sales team. “We both pass on, Mireille and I, a wonderful project that we have successfully completed.”
Terms of the deal were not announced. It is subject to customary closing conditions.