FoodTrust, a non-profit, Crown-owned marketer of Prince Edward Island potatoes and blueberries, is for sale, the province announced Friday.
The P.E.I. government, which established FoodTrust in 2001, has put out an invitation for “expressions of interest” from the private sector through accounting firm Grant Thornton.
FoodTrust delivers bulk P.E.I. potatoes to over 300 stores in Ontario and Quebec in specially designed and “commercially attractive” merchandising units, the province said. It also sells P.E.I.-produced potato spices and frozen blueberries and has developed value-added potato products.
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The company sources product from over 40 local growers, the province said.
“FoodTrust is a successful business but it can be more successful by becoming a private sector company which will enable it to access new investment and growth opportunities,” Agriculture Minister Neil LeClair said in a news release.
FoodTrust’s sales in the past year were worth over $3.8 million, the province said. The province and Ottawa have since 2001 invested about $5 million in the company to create a brand and develop both products and markets.
“The decision to privatize FoodTrust was a joint decision of the provincial government and the board, and I am confident that it will attract significant interest from those who share the vision of the company,” LeClair said.
