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Premium Brands Holdings Corporation announces acquisition of Diana's Seafood
Premium Brands Holdings Corporation announces acquisition of Diana's Seafood Premi...
About this update from Premium Brands Holdings Corporation
[{"type":"text","content":"\n\n\n\nPremium Brands Holdings Corporation announces acquisition of Diana's Seafood\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPremium Brands Holdings Corporation announces acquisition of Diana's Seafood\nCanada NewsWire\nVANCOUVER, Dec. 8, 2016\n\n\n\nVANCOUVER, Dec. 8, 2016 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today the acquisition of a 100% interest in Toronto, ON based Diana's Seafood (Diana's). Diana's, which has annual sales of approximately $18.0 million, is a leading supplier of a variety of fresh and frozen seafood products to retail and foodservice customers in the Greater Toronto Area.  \n\nDiana's was founded by Diana and Nino Cicirello in 1998. Since then, they have grown the Diana's Seafood name, which is synonymous with high quality fresh seafood, into an iconic brand in the Greater Toronto Area.\n\n\"We are very excited about Diana's joining our rapidly growing Seafood Group business platform,\" said Mr. George Paleologou, President and CEO of Premium Brands. \"This platform, which has grown from virtually no sales in 2007 to over $135 million in projected sales for 2016, is benefiting from a number of consumer trends including increased consumer awareness of the health benefits associated with a seafood rich diet and Canada's changing demographics, both in terms of age and ethnic mix. The Diana's transaction, which is our Seafood Group's fifth acquisition, moves this platform one step closer to its objective of building Canada's only national seafood distribution network,\" added Mr. Paleologou.\n\n\"Looking forward we are also very excited by the growth opportunities created by this acquisition.  The most significant of these will be leveraging Diana's brand and customer relationships in the foodservice industry to create additional sales opportunities for our new Ontario foodservice expansion initiative, which is scheduled to begin operations in mid-2017. In addition, our other seafood and wholesale food busi...