Savoura signs deal to acquire Productions Horticoles Demers assets

Quebec’s Savoura has entered an agreement to buy the majority of assets owned by struggling greenhouse grower Productions Horticoles Demers.

The greenhouse said the transaction—which is not yet approved—is intended to “ensure the continuity of greenhouse operations in several key regions of Quebec.” 

In January, Productions Horticoles Demers began a restructuring to avoid bankruptcy.

"This agreement aligns with our vision for sustainable growth and food autonomy. We are committed to preserving and growing the expertise developed by the teams at Productions Horticoles Demers, in a spirit of respect, collaboration and excellence," said Luc Prévost, president of Savoura, in a press release.

Savoura said it will adopt a phased integration approach.

The transaction remains subject to customary approvals.