Premium Brands acquires Belmont Meats
Richmond, B.C.-based Premium Brands Holdings Corporation has acquired Toronto's Belmont Meats Products Limited for $50 million
Premium Brands Holdings Corporation, a Richmond, B.C.-based producer, marketer and distributor of branded specialty food products, has acquired 100-per-cent of the shares of Toronto-based Belmont Meats Products Limited for $50 million.
With annual sales of approximately $120 million, Belmont Meats is a successful manufacturer of burger patties, producing a variety of customized premium burgers for retail and foodservice customers across the country. According to a press release from Premium Brands, Belmont is also in the process of introducing a number of its products into 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 George Paleologou, president and CEO of Premium Brands. “Furthermore, Belmont’s strong management team significantly enhances our bench strength in the Ontario market.”
“We are very excited to be joining the Premium Brands family,” adds Paul Roach, president and CEO of Belmont Meats. “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.”