Premium Brands, a Canadian producer, marketer and distributor of branded food products, has announced the purchase of four businesses – Concord Premium Meats, The Meat Factory, Country Prime Meats and Frandon Seafood – as it expands its brand portfolio.
The Meat Factory is an Ontario-based manufacturer of branded cooked protein products which owns Lou’s Barbeque, described as the number one brand in Canada in the fully cooked meals category. Country Prime Meats, based in British Colombia, is a manufacturer of shelf stable meat snacks for primarily businesses owned by Premium Brands, while Frandon Seafood is a Quebec-based distributor of fresh and frozen seafood to foodservice and retail clients. All three of these transactions are expected to close within the next two weeks.
The Concord Premium Meats transaction, which is subject to approval, is expected to close in the middle of 2018. Concord Premium Meats is also an Ontario-based manufacturer of customized protein solutions for retailers, including brands as MarcAngelo, Skoulakis and Central Park Deli.
The combined purchase price for the four acquisitions is $227 million.
In a statement, Premium Brands president and CEO George Paleologou said: “In terms of our four most recent acquisitions, we are very excited about all of these businesses both on a stand-alone basis as well as the potential synergies between them and our legacy businesses. All four companies have best-in-class management teams, modern, well run facilities, entrepreneurial cultures and, in the cases of Concord and The Meat Factory, leading iconic brands. Looking forward, we continue to pursue a wide variety of acquisition opportunities and expect 2018 to be our busiest year yet for transactions”.
Source: Premium Brands
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