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Premium Brands, a Canadian producer, marketer and distributor of branded food products, is acquiring Ontario-based meat firm Belmont Meats for C$49.2 million ($37.1 million) in cash and C$800,000 ($604,000) in common shares of Premium Brands, according to a report in Food Business News.
Belmont, which reports annual sales of approximately C$120 million ($91 million), produces burger patties as well a variety of customized burgers for retail and foodservice customers across Canada, and is also in the process of introducing its products into the US, according to information.
Commetning on the deal, Premium Brands president & CEO George Paleologou said: “We are not only very excited about Belmont’s business and the potential for it to grow under the Premium Brands umbrella, but also the role it will play in creating value in several of our other businesses. In particular, we expect to generate significant synergies between Belmont’s business, our burger operations in western Canada and our Centennial Foodservice business’ recently announced initiative to expand into the Ontario market. Furthermore, Belmont’s strong management team significantly enhances our bench strength in the Ontario market”.
Source: Food Business News
