Canadian food producer to buy a US lobster processor
Canadian food producer Premium Brands Holdings Corporation has signed a definitive agreement to purchase Portland, Maine, U.S.A.-based lobster processor Ready Seafood Co., according to an announcement made by the companies.
Premium Brands Holdings Corporation plans to complete its purchase of Ready Seafood in the next four weeks, depending on contingent customary closing conditions, including regulatory approvals and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, informs Seafood Source magazine.
We are very pleased to be partnering with John, Brendan, and their talented management team. They are disruptors in what has been a relatively stable industry and have not only brought about significant innovation to the segment but have also played a lead role in ensuring the long-term sustainability of the industry," Premium Brands President and CEO George Paleologou said.
Ready Seafood will be included in Seafood Group platform, a division that was launched by Premium Brands in 2008. "Post our investment in Ready, this group will have run-rate sales of close to $303 million and its operations will expand across Canada and into the U.S. east coast,” Paleologou added.
The financial details of the transaction have not been disclosed but Brendan Ready, co-founder of Ready Seafood declared himself content with the decision, considering the Canadian company an "ideal partner".
This year, Premium Brands Holdings have managed multiple mergers spending $409 million on this operations. According to Brendan Ready, his company reported sales of $100 million last year.
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