Canadian packaged meats company Maple Leaf Foods has completed the acquisition of VIAU Foods for C$215m ($162m), including C$30m ($22m) in Maple Leaf stock.

The deal was announced last month and has been financed using a combination of cash-on-hand and debt.

VIAU employs 470 people at its two facilities in Laval and Montreal, Canada, and will continue to be led by the existing management team.

Both the facilities are Hazard Analysis Critical Control Point (HACCP), United States Department of Agriculture (USDA) and Safe Quality Food (SQF) accredited.

The acquisition is expected to enhance Maple Leaf’s position in the market for premium dry cured and pepperoni meat products.

“The acquisition is expected to enhance Maple Leaf’s position in the market for premium dry cured and pepperoni meat products.”

It will also increase the company’s production capacity in Quebec, an important strategic base to grow sales in Canada and the US.

The deal will enable VIAU to expand its portfolio to include meat that is raised without antibiotic products.

Founded in 1977, VIAU produces a range of prepared meat products including Italian sausages, cooked meats, pizza toppings, shaved steak and meatballs.

The company is also engaged in the production of gourmet deli and premium charcuterie products including salametti, capicollo, pancetta and sliced chorizo. It supplies dried pepperoni and other pizza toppings to the foodservice industry in North America.

In July, Maple Leaf Foods signed a definitive agreement to purchase two poultry plants from Cericola Farms, for an undisclosed amount.

The two facilities are located in Bradford, Ontario and Drummondville, Quebec, and have a combined processing capacity of approximately 32 million kilograms of chicken per year.