Thames River Hatchery Announces Strategic Investment in Woodstock

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NEWS RELEASE

Wednesday June 22, 2016 For Immediate Release

Sargent Farms and Boire & Frères Inc. Strategic Partnership Bolsters Ontario Chicken Industry

Woodstock Ontario- Sargent Farms and Boire & Frères today announced a strategic partnership in a new chick hatchery business operating as Thames River Hatchery in Woodstock, Ontario. The new joint venture company is expected to begin operations in the third quarter of 2017.

"We are excited about our new venture with Boire & Frères," stated Kevin Thompson, Chief Executive Officer of Sargent Farms. "Their expertise in the chick hatchery business and similar values and operating practices as a family business makes them an ideal partner for Sargent Farms." When asked about their move into Ontario, Eric Stejskal, General Manager of Boire & Frères said, "This is an Ontario market venture and an important step in our company's growth. Partnering with an Ontario market leader like Sargent Farms is important to us as we share a vision of quality and service and we are both committed to supporting Ontario hatching egg and chicken farmers."

The new joint venture will be headquartered in Woodstock, Ontario in a newly planned facility incorporating the latest hatchery technology and business practices. The expected investment in the hatchery operations is approximately $10 million, according to the business partners. The hatchery is expected to create more than 20 new jobs and will have an initial capacity of 20 million chicks per year. "In Woodstock we have the ideal conditions for our business," stated Eric Stejskal. "Close proximity to farmers, access to highways, transportation systems and infrastructure are the synergies of success in our business."

The mission of Thames River Hatchery is to provide quality chicks to Ontario's chicken farmers, who will continue to produce for Sargent Farms and other chicken processors, a quality product for Ontario consumers. "Vertical integration into the hatchery business strengthens our commitment to Ontario's farmers and to our customers," continued Kevin Thompson.

Claude Boire, President of Boire & Frères commented on the expected synergies and his own company's expansion by stating, "This new venture is not only an expansion of our company's business but our vision as well, and while this is certainly a good business opportunity for our company we see it as an opportunity to expand the industry and to contribute to the Ontario chicken industry in a meaningful way."

Bob Sargent, Vice President of Sargent Farms reinforced both companies contribution through the new partnership by adding "It is important to us that this new business be accretive to the Ontario chicken industry and be a positive stimulus for our communities. We will operate this new venture as we have our existing businesses; with a commitment to the chicken industry including Ontario's hatching egg and chicken farmers and to the Ontario communities in which we operate."

Thames River Hatchery is currently at the land acquisition phase and working with Woodstock officials on finalizing location details. It is expected that construction will commence on the new operations by Fall 2016.

 

About Sargent Farms

Sargent Farms is a chicken processor and producer of custom chicken products for Ontario retail, food service and restaurant industries. Proudly operating as a family owned company for more than 70 years Sargent Farms serves its customers with unique Halal by hand products from two locations; the original facility and company headquarters in Milton Ontario and a new further processing facility in Mississauga Ontario. Employing over 230 people, Sargent Farms is pleased to be one of Canada's Best Managed Companies. For more information on Sargent Farms please see

www.sargentfarms.ca

About Boire & Frères

Boire & Frères is a family owned and operated company with over 85 years of experience in the Quebec Poultry Industry. The head office is located in the municipality of Wickham QC, and the company operates in several different sectors including: hatching egg production, hatcheries (both broilers and commercial layers), egg production for the pharmaceutical field, egg production for consumption, and raising of chickens and turkeys. Boire & Frères is proud to be one of Canada’s Best Managed Companies. For more information on Boire & Frères please see www.boire.qc.ca

For more information please contact:

For Sargent Farms

Kevin Thompson

Chief Executive Officer

(905) 878-4401

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For Boire & Frères

Eric Stejskal

General Manager

819-398-6807

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