On August 5, 2017, Lantic Inc., a wholly owned subsidiary of Rogers Sugar Inc., completed the acquisition of all the outstanding shares of L.B. Maple Treat Corp. (LBMT) for a purchase price of $160.3 million, subject to post-closing adjustments.
In conjunction with the acquisition, Rogers Sugar completed a public offering (Offering) of subscription receipts for gross proceeds of $69.2 million and $57.5 million aggregate principal amount of Sixth Series 5-per-cent extendible convertible unsecured subordinated debentures through a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets. In addition, Lantic’s credit facility with a syndicate of banks co-led by The Toronto-Dominion Bank and Bank of Montreal was amended and increased by $75 million to $275 million.
Lantic has been in the sugar business for over 100 years and is the leading refiner, processor, distributor and marketer of sugar products in Canada. As the sole sugar processor in Western Canada, Lantic supplies over 90 per cent of the demand for refined sugar in that region. In Eastern Canada, Lantic is one of the two major sugar refiners. LBMT is one of the world’s largest branded and private label maple syrup bottling and distribution companies. LBMT has two bottling plants in Québec and one in Vermont. The business is supported by distribution centres in Eastern and Western Canada, the US and Australia.
Rogers Sugar and Lantic were represented by Davies Ward Phillips & Vineberg LLP, with a team led by Sébastien Roy (M&A and securities) and including Nicolas Morin and Vanessa Pendenza (M&A and securities); Carol Pennycook, Dan Wolfensohn and Chris Figel (banking); Fred Purkey (tax); and Anita Banicevic and Alysha Manji-Knight (competition).
LBMT was represented by Fasken Martineau DuMoulin LLP (Montréal), with a team led by Jean-Sébastien Dugas (M&A) and including Simon Bisson (M&A) and Leslie Milton (competition).
The syndicate of underwriters in the Offering was represented by Stikeman Elliott LLP, with a team led by Warren Katz (M&A and securities) and including Vanessa Coiteux and Carla L’Écuyer (M&A and securities).
The syndicate of banks was represented by Fasken Martineau DuMoulin LLP (Toronto) with a team that included John Torrey, Angela Onesi, Jay Choi and Svetlana Samochkine (banking).