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SAINT-BRUNO-DE-MONTARVILLE, Quebec - Colabor Group Inc. (TSX:GCL), a food distribution company with a market capitalization of $374 million and current share price of $3.47, announced Thursday the appointment of Yanick Blanchard as Interim Senior Vice-President and Chief Financial Officer, effective immediately. According to InvestingPro data, the company faces some financial challenges with weak profitability metrics.
Blanchard brings over 25 years of corporate finance experience to the food distribution company. He previously served as Executive Vice-President, Managing Director, and Global Head of Corporate & Investment Banking for National Bank of Canada, where he oversaw investment banking, mergers and acquisitions, credit capital markets, and loan structuring activities.
"We are pleased to be able to count on Mr. Blanchard’s support on an interim basis. His experience with large public companies will be an asset to Colabor," said Louis Frenette, President and Chief Executive Officer of Colabor, in a press release statement.
Currently working as a consultant, Blanchard assists Quebec companies with financing and corporate growth strategies. According to the company, he will contribute his operational, financial and strategic expertise to Colabor’s optimization and growth initiatives. This appointment comes at a crucial time, as InvestingPro data shows the company achieved 25.23% revenue growth in the last twelve months, despite operating with relatively thin gross profit margins of 12.89%.
The company stated it is continuing its search process to fill the Chief Financial Officer position permanently.
Colabor operates as a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets in Quebec and Atlantic provinces, as well as the retail market. The company’s offerings include specialty food products such as fish, seafood, meat, and other food-related products through its Broadline activities. For detailed analysis of Colabor’s financial health and growth prospects, investors can access comprehensive research reports and additional financial metrics through InvestingPro’s premium features.
In other recent news, GCL Global Holdings Ltd has reported several significant developments. The company has secured a convertible note financing facility worth up to $45.5 million with ATW Partners, with an initial issuance of $2.9 million. This funding is intended to support GCL’s strategic growth initiatives and investments in gaming innovations. Additionally, GCL has acquired more than 90% of Ban Leong Technologies Limited, allowing it to proceed with the compulsory acquisition of the remaining shares. This acquisition is expected to create synergies and improve operational efficiencies.
GCL Global Holdings has also issued a warrant to Oversea-Chinese Banking Corporation Limited in connection with a financing facility of up to SGD5 million. The proceeds from this warrant will be used to repay any outstanding amounts under the facility agreement, with any remaining funds allocated for working capital. Meanwhile, Colabor Group Inc. announced that its Senior Vice-President and Chief Financial Officer, Pierre Blanchette, will step down in July 2025. The company is actively searching for a replacement to fill the CFO position. These recent developments reflect GCL’s ongoing efforts to strengthen its financial position and expand its market presence.
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