Belmont Meats purchased by Premium Brands
By Canadian Packaging staff
General acquisition of meat procesing company Belmont Meats Products Limited Premium Brands Holdings Corp.$50-million deal garners 100% share of burger patty manufacturer for Premium Brands.
Premium Brands Holdings Corp.—a Richmond, B.C.-based food manufacturing and distribution business—has acquired Toronto-based Belmont Meats Products Limited for $50 million.
The buyout, consisting of CDN$49.2 million cash and $0.8 million in common shares in Premium Brands nets the new owners a $120-million burger patty processor for foodservice and retail in Canada. Belmont Meats, at the time of the sale, was also well-underway to introducing its Canadian products in the the U.S. retail market.
“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,” says Premium Brands president and chief executive officer George Paleologou. “Furthermore, Belmont’s strong management team significantly enhances our bench strength in the Ontario market.”
Belmont Meats president and chief executive officer Paul Roach notes that, “Premium Brands has a great track record of partnering with management to build successful businesses. We are looking forward to working with them as we expand and grow our business in both Canada and the U.S.”
Headquartered in Richmond, BC, Premium Brands has operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, as well as in the U.S. states of Nevada, Ohio, Phoenix and Washington State.
More information on Premium Brands Holding Corp. can be found at www.premiumbrandsholding.com.
More information on Belmont Meats Products Limited can be found at www.belmontmeats.com.
Image purchased via www.fotolia.com.
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