Groupe Sportscene, owner of the La Cage – Brasserie sportive chain, will be sold to Jean Bédard and to a consortium led by Corporation Financière Champlain who will privatize the company listed on the TSX Venture Exchange.
The buyer is offering $ 7.25 per share for a total of $ 51.25 million. The title has never been very liquid.
“Privatizing the company will simplify the operations of the Company and better pursue the implementation of our strategic plan initiated before the pandemic,” said President and Chief Executive Officer Jean Bédard, in a press release.
Since 1984, Sportscene has operated the La Cage – Brasserie sportive network. It currently has 38 establishments. Sportscene has diversified lately. He operates an Asian restaurant. He also began selling products in grocery stores under the La Cage and Moishes brands as well as home-delivered cooking boxes.
“We believe that the vision of the Sportscene team is consistent with our desire to create strong Quebec brands,” said Pierre Simard, president of Champlain.
Champlain manages a portfolio of 22 companies, including JLD Lague, Louis Garneau, Kanuk, Maison Corbeil, Les Eaux Naya, Brault & Bouthillier and Orthofab.
Charles St-Germain and his family, who control 53.2% of all voting rights in Sportscene, support the deal. A special committee of the board of directors deemed the transaction to be in the best interests of the company. Shareholders will vote on the offer next January. A circular will be mailed to them in December.