CPE News (2/3/2021) – Champlain Financial Corporation, together with Tony Galasso, Fondaction and other investors, has acquired a majority stake in Wong Wing Foods from McCain Foods Canada.
Wong Wing Foods has been renamed MLW Foods Inc. based in Montréal. Tony Galasso, formerly CEO of Plats du Chef, will become Executive Chairman of MLW Foods.
MLW Foods/Wong Wing is the leading Canadian frozen food brand specialized in the development, manufacturing and distribution of frozen Chinese snacks, appetizers, entrees, soups and sides, supplying customers throughout Canada.
Wong Wing was founded in 1948 in the heart of Montréal’s Chinatown by siblings Marcel and Lucille Wong and their financial backer Mr. Wing. In October 2002, McCain Foods acquired Wong Wing Foods Inc.
photo credit: Wong Wing Foods
News Release
An Investor Group Led by Champlain Financial Corporation Acquired Wong Wing Foods Inc.
MONTREAL, Feb. 3, 2021 /CNW Telbec/ – An investor group led by Champlain Financial Corporation (“Champlain”), and including Fondaction, has acquired a majority stake in the Wong Wing business unit (“Wong Wing”) in partnership with McCain Foods Canada (”McCain”), creating a new frozen food platform, with a dedicated management team, under the new company name MLW Foods Inc. based in Montreal, Quebec.
Wong Wing is the leading Canadian frozen food brand specialized in the development, manufacturing and distribution of frozen Chinese snacks, appetizers, entrees, soups and sides, supplying customers throughout Canada.
The partnership will build on the strong legacy of the Wong Wing brand founded in 1948 in Montreal, enabling for expansion and growth into the North American market creating a category leader in Asian inspired products.
Tony Galasso, formerly CEO of Plats du Chef and the incoming Executive Chairman of MLW Foods, commented: “Our experienced leadership team is excited about the partnership and the growth opportunities that the platform will create in new product innovation, new geographic expansion and new channel distribution. Working closely with strategic food retailers, our goal is to be the category leader in modern Asian inspired frozen foods in North America” with both branded and private label segments.
Terms of the transaction were not disclosed.
About Champlain Financial Corporation:
Champlain, a Canadian private holding company based in Montreal, has been building a diversified private investment portfolio since 2005, with a series of investments throughout Canada and the United States. Champlain’s core focus is to serve as a value-added partner in providing equity capital and growth management expertise to small and middle-market companies.
www.champlaincanada.com
SOURCE Champlain Financial Corp.
For further information: Jean-Stephane Yansouni, Partner, Champlain Financial Corporation, 1000 Sherbrooke Ouest, suite 1700, Montreal, Quebec, H3A 3G4, (514) 282-3585