Premium Brands acquires U.S. protein snack maker
Premium Brands Holdings Corporation of Vancouver has acquired Seattle, Wash.-based Oberto Sausage Company
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Vancouver – Premium Brands Holdings Corporation has welcomed another brand into its fold.
The company has announced that it acquired Oberto Sausage Company, which is based in Seattle, Wash.
In a statement, Premium Brands says the transaction is expected to close in the next four to six weeks.
Oberto Sausage Company manufactures healthy and convenient protein-packed snacks, such as pork snack sticks, trail mix with jerky, beef, bacon and turkey jerky, chicken strips, pepperoni, thin-style beef jerky, and bite-size jerky. The company has more than 500 employees.
The company sells under its Oberto, Pacific Gold, Pacific Gold Reserve and Cattleman’s Cut brands. The company was founded in 1918 and is still run by members of the Oberto family.
George Paleologou, Premium Brands president and CEO, says in the statement that Oberto’s “values, culture, loyal employees and talented management team are an ideal for us. Furthermore, we are very excited about being entrusted with the iconic Oberto brand.”
The statement adds that Oberta is Premium Brands’ third investment in Washington State.
Premium Brands also owns SK Food Group and Hempler Foods Group, both of which have “prospered under the Premium Brands umbrella with their combined sales growing from under US$130 million in 2011 to over US$560 million last year,” says Peleologou.
In other news, Premium Brands also increased its investment on Vancouver-based McLean Meats Inc. to 66 per cent from the previous 36.2 per cent.
The statement says Premium Brands’ investments in Oberto and McLean is approximately $237 million while the combined revenues of the two businesses are approximately $246 million.