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Colabor Group Inc. (TSX: GCL) (“Colabor”) closed the sale of most of the assets of its Summit Foods division (“Summit”) in Ontario to Flanagan Foodservice Inc.(“Flanagan”). The sale includes the independent and franchises restaurants business together with certain assets and employees.

“We are happy to close this transaction and while some adjustments to the original agreement were necessary in the current context of COVID-19, we believe that this transaction is to the benefit of both organizations.  We will collaborate with Flanagan to ensure a smooth transition for our customers.  Colabor will from now on focus on its activities in Quebec and the Maritimes, and the strategic opportunities of that market” said Louis Frenette, President and CEO of Colabor.

About Summit Foodservice Inc.

Summit, a division of Colabor, is a distributor of food products and related products serving Ontario and Western Quebec. Summit provides over 18,500 products, including most national and consumer brands. Summit services 3,500 clients in the restaurants, pubs/bars, catering, hotels, healthcare and education institutions (schools, cafeterias, hospitals, etc.), as well as chain accounts. Summit operates a modern distribution centre, strategically located in Mississauga.

About Colabor

Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets in Quebec, Ontario and in the Atlantic provinces, as well as the retail market (grocery stores and convenience stores). Within its two operating segments, Colabor offers specialty food products such as fresh fish and seafood, meat, as well as food and related products through its Broadline activities.

CCC Investment Banking ("CCC") acted as the exclusive financial advisor to Summit Food Service Distributors Inc.