Premium Brands Holdings Corporation has announced the acquisition of two meat product businesses: King’s Command and a 100% stake ownership in Golden Valley Farms, for a total of CAD$86.5 million ($67.8 million).
According to sources, the acquisitions were made after a quarter where Premium Brands was impacted significantly due to poor spring weather conditions, lower retail presence – done to minimise the potential negative impact of record-high price increases – labour issues and a customer base’s shift away from standard retail channel.
The president of Premium Brands Holdings, George Paleologou, said: “Both of these businesses will play a significant role in supporting our organic growth initiatives as they provide us with much-needed capacity solutions in two very exciting growth categories, namely cooked protein and dry cured meats”.
The acquisitions have helped the company exceed the CAD$6 billion ($4.7 billion) in sales and CAD$600 million ($470 million) in adjusted EBITDA, which is one of Premium Brands’ goals of “being one of North America’s leading specialty foods companies,” according to Premium Brands.
King’s Command is a cooked protein producer, whilst Golden Valley Farms produces deli meat.
Sources: Premium Brands Holdings