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Canadian speciality foods firm Premium Brands has announced that it has entered into an agreement to acquire Oberto, a US maker of meat snacks.
Family-owned Oberto is a manufacturer of beef jerky and other protein-based snack foods located in Seattle, WA. The company owns brands such as Oberto, Pacific Gold and Cattleman’s Cut.
IN addition to the Oberto acquisition, Premium Brands said it had further increased its investment in Vancouver-based McLean Meats to 66.2% from the previous 36.2%. Its combined investment in both deals is C$237 million ($187.8 million).
Commenting on the Oberto purchase, Premium Brands president and CEO George Paleologou said: “We are very excited about being entrusted with the iconic Oberto brand, which we have followed and admired for many years. This transaction will create a leading North American platform in the rapidly growing meat snacks product category and will feature Canada’s top meat snack brands, including McSweeney’s, Grimm’s, Freybe, Piller’s and Harvest, as well as Oberto’s iconic family of brands and our fast emerging, US based Hempler’s brand. I have no doubt that both Oberto and our legacy businesses will benefit from each other’s respective strengths”.
Oberto CEO Tom Hernquist added: “We are very excited to be joining the Premium Brands group. Its entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision making makes Premium Brands a perfect fit for our business”.
Source: Premium Brands
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