Drake Meat Processors completes a round of equity investment, which was led by Golden Opportunities Fund with participation from Farm Credit Canada Capital and a group of Saskatchewan-based investors. Proceeds from the equity raised will be used to support the construction of a new 53,000-sf meat processing facility in Saskatoon, Sask., capable of producing over 8 million kg of product annually. The new facility will include a tempering room, an automated bacon line, an automated injection system and natural gas smokehouses. This expansion is expected to create up to 200 new jobs once the facility is fully operational.
Founded in 1949 as a co-operative meat locker in Drake, Sask., Drake is a fourth-generation, family-owned consumer-packaged meat company with a vast product suite including sausage, bacon, hams, jerky and deli meats. The company’s products are offered in major grocery chains across Western Canada including Costco, Federated Co-op stores, Loblaws, Walmart, Sobeys and Save-On-Foods.
“The construction of our new facility is a tremendous milestone in the growth story of Drake. We are passionate about our craft and sharing it with others, and we are excited to partner with FCC Capital and local capital partners like Golden who have a long-standing record of successfully growing companies,” said CEO Kelly Ediger.
Grant J. Kook, president and CEO of Golden, added, “We are thrilled to invest in yet another long-standing, Saskatchewan success story like Drake. Our investment will support Drake’s growth initiatives, local job creation and capital investment here in the Saskatchewan economy at a time when supporting local is more important than ever.”
