Ontario beer maker Sleeman Breweries Ltd. said Tuesday it will buy Quebec microbrewery Unibroue Inc. for about $31 million.

Terms of the deal include $5.5 million in Unibroue debt. The purchase price is a premium of 34.3 per cent over Unibroue's 20-day average closing price on the TSX.

Sleeman, based in Guelph, said the acquisition will help lay the foundation for future growth in Quebec.

"The acquisition of Unibroue and its premium brands will complement Sleeman's current portfolio, in addition to providing the required infrastructure to expand our presence in Quebec," Sleeman chairman and CEO John Sleeman said in a statement.

Unibroue's brands include Blanche de Chambly and La Fin du Monde.

Unibroue founder and chief executive officer André Dion has agreed to act as a consultant for one year following the acquisition.

Sleeman said Unibroue should add $5 million to $6 million to operating earnings in the first full year of ownership. Combined revenues from the Quebec market are expected to exceed $90 million a year.

"Unibroue has a state-of-the-art brewery operation, a strong portfolio of brands and a highly skilled work force that I welcome to our group of companies," Sleeman added.

"We look forward to the two companies working together to increase market share in one of the largest beer markets in Canada."

Sleeman's brands include regional beers such as Okanagan Spring and Shaftebury in British Columbia and Alberta, Upper Canada in Ontario, Seigneuriale in Quebec and MacLays in Atlantic Canada.