Olymel L.P. (Olymel), a processor and distributor of pork and poultry meat products headquartered in Saint-Hyacinthe, Québec, acquired the Canadian assets of Big Sky Farms Inc., and its related entities (collectively, “Big Sky Farms”) the second largest hog producer in Canada. The Humboldt, Saskatchewan, company had been placed in receivership last September when it was unable to meet its obligations after significant losses, due mainly to the soaring price of grain used for animal feed and depressed hog prices. Olymel and Ernst & Young Inc., the court-appointed receiver of Big Sky Farms, en-tered into a purchase and sale agreement dated October 16, 2012, at a purchase price of $65.25 million, subject to certain adjustments. This purchase agreement was subsequently approved, subject only to a receiver mandated sale process, on October 19, 2012, by the Saskatchewan Court of Queen's Bench. This transaction, which was concluded on January 20, 2013, makes Olymel subsidiary OlySky Limited Partnership, owner of the Canadian assets of Big Sky Farms.
Olymel was represented by McCarthy Tétrault LLP with a team led by Éric Gosselin (business law) and Alain Tardif (bankruptcy and restructuring); which included Matthieu Rheault and Jean-Christophe Biron (business law) and Ma-deleine Renaud (competition).
Olymel was represented locally in Saskatchewan by McKercher LLP with a team consisting of Patricia Warsaba, QC, Douglas Richardson, QC, and Ryan Shebelski.
Ernst & Young Inc. was represented by McDougall Gauley LLP with a team led by Michael Milani, QC, which included Erin Kleisinger (bankruptcy and restructuring) and Kelly Canham (business law).