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MONTREAL, Nov. 1, 2013 /CNW Telbec/ - Following their discussions regarding a future commercial partnership, Groupe BMR and La Coop fédérée announce today that they have entered into a commercial agreement under which La Coop fédérée, through its Unimat banner, is acquiring a minority interest in Groupe BMR.
"Our company is pleased with this new partnership with La Coop fédérée, a leader in Québec's economy for 92 years", said Yves Gagnon, President and CEO of Groupe BMR.
Through this association, the two companies will offer some 360 retail locations to consumers and contractors in Québec, Ontario and the Maritime Provinces.
"Groupe BMR's expertise in the renovation industry is well established. The strength of its brand and the trust of its customers represent major advantages from which we are sure our 100,000 members will greatly benefit", explained Claude Lafleur, CEO of La Coop fédérée.
This agreement represents good news for the construction and renovation industry in Québec and in Canada. The critical mass and the synergies that will result from this association are sure to contribute to the development of businesses both in Québec and in Canada. Furthermore, the purchasing power and economies of scale will benefit all consumers.
Given the current economic uncertainty, the arrival of foreign competitors, in particular from the United States, and the highly competitive level required to survive in the home renovation center and hardware store industry, today's announcement is highly positive.
About Groupe BMR
Founded in 1967, BMR is a group of independent dealers that operate some 180 home renovation centers and hardware stores in Québec, Ontario, the Maritime Provinces and the Saint-Pierre et Miquelon islands. The yearly retail sales of BMR members are estimated at over 1.3 billion dollars and some 5,000 employees work in bannered stores. BMR is the second leading banner in Québec's renovation industry. www.bmr.co
About La Coop fédérée
Founded in 1922, La Coop fédérée is the largest agri-food company in Quebec, and ranks amongst the 100 largest co-operatives and mutual societies in the world, across all sectors. It is owned by over 100,000 members grouped into 102 cooperatives located in several Canadian provinces. La Coop fédérée is present throughout the agri-food chain and, as well as being a wholesaler, it also provides agricultural producers with all the goods and services they require for their farming operations. The network has five brands: Elite and La Coop (animal and crop production, grain marketing), Unimat (hardware and farm machinery), Sonic (energy) and Olymel (meat processing). La Coop fédérée employs over 9,500 people with sales totalling over $5 billion. Including its affiliated cooperatives, La Coop fédérée's network employs close to 15,500 persons and has a consolidated sales figure of $7.8 billion.
SOURCE Groupe BMR
Image with caption: "Groupe BMR and La Coop Fédérée. Conclusion of a Commercial Agreement (CNW Group/Groupe BMR)". Image available at: http://photos.newswire.ca/images/download/20131101_C9507_PHOTO_EN_32825.jpg
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