Premium Brands Holding produces and distributes a selection of branded food products and announced that it had reached a definitive agreement to buy C&C Packing last week. The deal is a complete takeover and will therefore see Premium Brands acquire C&C Packing’s processing business Premier Meat Packers.
“C&C perfectly complements our protein distribution and trading initiatives in western Canada and, with its strong and experienced management team and state-of-the-art facilities, will enable us to create a unique national platform in another niche market segment,” said George Paleologou, Premium Brands’ president and CEO, in a company statement.
“This transaction, which will be our third major investment in Quebec, also fits perfectly with the business diversification strategies that form a core part of our business plan and which have enabled us to consistently improve our performance in each of the last 10 years, despite numerous external challenges.”
‘Topline growth’
The ink is not yet dry on the deal as it still needs approval from Canada’s competition authority but, if everything goes according to plan, the acquisition is expected to be finalised by Friday 15 April.
On the near-complete integration, Ronnie Cons, CEO of C&C Packing, said: “We are very excited to be joining Premium Brands. Its entrepreneurial culture and focus on premium and differentiated products is an ideal fit for our business. I have no doubt that there will be significant top- and bottom-line growth opportunities created through the combination of our businesses.”