Canadian food giant acquires Ontario-based Allseas.
In a press release, the Canadian speciality food manufacturing and distribution company Premium Brands, which turns over nearly CAD 2 billion a year, writes that it has acquired leading distributor of fresh and frozen seafood Allseas.
The Allseas transaction is expected to close in four to eight weeks and is subject to customary closing conditions including the approval of the Canadian Competition Bureau, it wrote.
President and CEO of Premium Brands George Paleologou said that the Allseas acquisition will further strengthen its national seafood platform and help position them as Ontario’s leading seafood distributor.
Allseas distributes many species including salmon (wild and farmed) as well as trout. In 2012, it signed an exclusive licensing agreement with the renowned Mövenpick Group from Switzerland to market premium smoked salmon products.
“We are also looking forward to working with Allseas’ very talented, experienced and highly respected management team to capture cost synergies and improve the depth and scope of the seafood products that Allseas and our other seafood businesses can offer to their respective diverse base of customers,” added Paleologou.
At the same time, Premium Brands bought Global Gourmet, one of Canada’s leading providers of ready-to-eat kettle-cooked food solutions.
The combined purchase price for the company’s investments in Global Gourmet and Allseas is EUR 90 million consisting of EUR 74.9 million in cash, EUR 6.5 million in Premium Brands common shares and up to EUR 9 million in contingent consideration. The combined revenues of the two businesses is EUR 131 million.