MONTREAL — Sportscene Group Inc. has entered into a privatization agreement to acquire the issued and outstanding Class A shares of Sportscene at $7.25 per share, except for 1,715,288 shares held by president and CEO Jean Bédard. Under this transaction, led by Champlain Financial Corporation, Sportscene will become privatized for a total consideration of roughly $51.2 million.
“Eighteen months after the start of the worst crisis ever to affect the restaurant industry, we believe that privatizing the business will simplify the corporation’s operations and enable us to better pursue the implementation, with the management team and our new partners, of our strategic plan initiated before the pandemic,” says Bédard. “I would like to stress the invaluable support of the shareholders, key among them being Charles St-Germain and his family, who for 25 years have given the corporation the support and resources needed to make Sportscene a leader in the Quebec restaurant industry and to contribute to its exemplary growth.”
“We’re proud to join Jean Bédard and all the employees, franchisees and partners of Sportscene Group, who have shown great creativity and the ability to innovate and adapt both before and during the pandemic,” says Pierre Simard, president of Champlain. “We firmly believe that the vision of Sportscene’s team is a perfect fit with our desire to create strong Quebec brands and our value creation approach.”