Colabor Group has completed the sale of substantially all of its assets to an entity backed by Financière Outremont Inc., marking the final step in a court-supervised restructuring process.

Financière Outremont is owned by Quebec billionaire Pierre Karl Péladeau, who also serves as the firm’s president..

The Saint-Bruno-de-Montarville, Que.-based food distributor said Colabor 2026 SEC, acting through its general partner 9563-0570 Québec Inc., acquired the assets, including those of subsidiaries Les Pêcheries Norref Québec Inc. and Transport Paul-Émile Dubé ltée. The deal with Financière Outremont completes four transactions approved under a sale and investment- solicitation process conducted during proceedings under the Companies’ Creditors Arrangement Act (CCAA), overseen by the Superior Court of Quebec and monitor Raymond Chabot Inc. The other transactions included the sale of Tout-Prêt inc. to a company representing employees, the sale of Le Groupe Resto-Achats Inc. assets to a consortium of Quebec investors, and the disposition of certain remaining assets.

“The completion of the transactions marks a significant milestone for Colabor,” said Kelly Shipway, president and CEO of Colabor. “Through constructive interactions with all stakeholders, we have successfully navigated a complex restructuring process and achieved an outcome that ensures the continuity of Colabor’s operations in Quebec.

Péladeau said the market is heavily dominated by two major players, and supply-chain issues are increasingly prominent. So, it is essential that Colabor develop a strong and sustainable capacity in the strategic sector in Quebec.

“Our ambitions go beyond a simple recovery; they aim to maintain as many jobs as possible, restore sound financial management, rebuild trust with all our business partners, customers, and suppliers, and stimulate competition for the benefit of local consumers,” he said. “This is also an opportunity to strengthen our food self-sufficiency and actively contribute to the economic growth of Quebec and its regions.

“Thanks to the proven expertise and know-how of the Colabor teams, both at head office and in our distribution centres in Quebec, we will be able to build an even stronger and more future-oriented company.”

Colabor said creditors eligible for distributions will be paid by the court-appointed monitor from transaction proceeds, while shareholders will not receive any distributions.

Photo: Colabor