Dandrea Produce & Courchesne Larose Announce Letter of Intent

Company Press Release

Montréal (Canada) & Vineland (USA), June 15th 2015,

The Routhier family of Courchesne Larose Ltd. in Montreal, Quebec (Canada) signed and executed a Letter of Intent to acquire 50% of Dandrea Produce Inc., a produce grower and importer based in Vineland, New Jersey (USA).

Courchesne Larose has a history dating back to 1918 and is currently run by the family’s third and fourth generations. The company has since grown tremendously now counting over 400 employees worldwide, encompassing import, export, distribution, packaging, wholesale and logistics for conventional and organic produce based programs. They are known extensively in Canada and the United States as well as internationally.

Similarly, Dandrea Produce is a fourth generation family-owned company that was established in 1917. It began as a local farming operation and has evolved into a major grower-distributor business with over 150 employees today. Courchesne and Dandrea share many values. Both maintain a sterling reputation worldwide and a commitment to excellence. Each has unique, strategic alliances with growers around the world and builds meaningful relationships with their partners. Michel Routhier proudly stated that, “The passion of Dandrea Produce mirrors our family’s long tradition in Canada. Dandrea shares our vision for a vertically integrated, field to table farming model.”

Frank Dandrea, President of Dandrea Produce, said, “Our family could not be happier with the terms of the agreement offered by the Routhier family. The negotiations with Courchesne were seamless and exceedingly pleasant. Our synergistic strategies with them enable us to now service the entire eastern seaboard including Canada. Courchesne Larose is a tremendously respected company and their association with Dandrea Produce will enrich us globally.” This partnership will enhance Dandrea’s capabilities to expand their procurement base, to streamline their vessel shipments and to have better control and custody over product worldwide. Combining two financially strong, debt-free companies will cement Dandrea as a top-tier importer and leader in the produce industry. The projected annual revenues of this new group of companies will generate more than 600 million dollars.

Mr. Dandrea stated, “Our family’s investments nationally and internationally have always been examined by these questions: How can we better serve our customers? How can we eliminate excess costs? How can we add value to our retail partners? Courchesne Larose unequivocally helps us on our mission to achieve our joint ideals worldwide.”

Mr. Routhier stated, “We have been looking long and hard for a partner who could enhance our global presence and Dandrea is that partner.”

The combined total year of existence and experience between both companies is almost 200 years, and this is pretty unique in the produce industry.

Contact

Michel Routhier, Vice-President, Courchesne Larose Ltd, Voice (1-514-525-6381), Fax (1-514-525-1084), Michel.Routhier@Clarose.com

Frank Dandrea, President, Dandrea Produce Inc., Voice (1-856-205-1830), Fax (1-856-205-1848), Frank@Dandreaproduce.com