COLABOR ANNOUNCES THE SALE OF ITS SUMMIT FOODS DIVISION IN ONTARIO

    Boucherville, Quebec, March 12, 2020 – Colabor Group Inc. (TSX: GCL) (“Colabor” or the “Company”) today announced it has reached an agreement for the sale of the majority of the assets of its Summit Foods division (“Summit”) in Ontario to Flanagan Foodservice Inc.(“Flanagan”) for proceeds of approximately $10.0 million subject to post-closing adjustments. The transaction is expected to close at the end of April 2020, subject to obtaining clearance from the Canadian Competition Bureau. The sale of Summit follows the consolidation of Colabor’s Ontario distribution activities into the Mississauga distribution center which was announced earlier in January.

     

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