Business
Premium Brands Holdings Corporation Announces Acquisition of Global Gourmet Foods and Allseas Fisheries
Premium Brands Holdings Corporation Announces Acquisition of Global Gourmet Foods and Alls...
About this update from Premium Brands Holdings Corporation
[{"type":"text","content":"\n\n\n\nPremium Brands Holdings Corporation Announces Acquisition of Global Gourmet Foods and Allseas Fisheries\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\n\nCanada NewsWire\nVANCOUVER, BC, Aug. 31, 2020\n\n\n\nVANCOUVER, BC, Aug. 31, 2020 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today that it has acquired Global Gourmet Foods Inc. and signed an agreement to acquire Allseas Fisheries Inc.\nGlobal Gourmet is one of Canada's leading providers of ready-to-eat kettle cooked food solutions, including protein-based fillings, specialty sauces, soup bases and side dishes, to retailers and restaurants in Canada and internationally, while Allseas is a leading distributor of fresh and frozen seafood to retail, foodservice, and wholesale customers in Ontario.\nThe Allseas transaction is expected to close in four to eight weeks and is subject to customary closing conditions including the approval of the Canadian Competition Bureau.\n\"The combination of Global Gourmet with our existing Gourmet Chef business will position us as the leading player in a high growth niche market that is benefiting from a number of long-term sustainable trends,\" said Mr. George Paleologou, President and CEO of Premium Brands. \"We are also very pleased to be partnering with Global Gourmet's leader, Richard Breakell, who has been a key driver of its growth in recent years. Going forward, Richard will lead the combined operations of Global Gourmet and Gourmet Chef,\" added Mr. Paleologou.\n\"Allseas will further strengthen our national seafood platform and help position us as Ontario's leading seafood distributor,\" said Mr. Paleologou. \"We are also looking forward to working with Allseas' very talented, experienced and highly respected management team to capture cost synergies and improve the depth and scope of the seafood products that Allseas and our other seafood businesses can offer to their respective diverse base of customers,\" added M...