Business
Premium Brands Holdings Corporation Announces Acquisition of Ready Seafood Co. and the Expansion of its Seafood Group into the U.S.
Premium Brands Holdings Corporation Announces Acquisition of Ready Seafood Co. and the Exp...
About this update from Premium Brands Holdings Corporation
[{"type":"text","content":"\n\n\n\nPremium Brands Holdings Corporation Announces Acquisition of Ready Seafood Co. and the Expansion of its Seafood Group into the U.S.\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, Sept. 4, 2018\n\n\n\nVANCOUVER, Sept. 4, 2018 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today that it has signed a definitive agreement to purchase Ready Seafood Co. (\"Ready\").\n\nBased in Portland, Maine, Ready was founded in 2004 by brothers John and Brendan Ready and under their stewardship has grown from a small startup to one of the leading processors, distributors and marketers of lobsters in the U.S. It has three production facilities, all located in Maine.   \n\nThe transaction is expected to close within the next four weeks and is subject to customary closing conditions including regulatory approvals and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.  \n\n\"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,\" said Mr. George Paleologou, President and CEO of Premium Brands. \"We greatly admire and respect John and Brendan as true industry pioneers and are excited to be welcoming them and their team into our group.\n\n\"John and Brendan will become key partners in our rapidly growing Seafood Group platform, which was created in 2008 with the acquisition of Vancouver Island based B&C Food Distributors. Post our investment in Ready this group will have run rate sales of close to $400 million and its operations will expand across Canada and into the U.S. east coast.  \n\n\"Looking forward, we are not only excited by the synergistic growth opportunities between Ready and our other ...