pcJ News Briefs – Premium Brands Holdings Corporation (TSX: PBH), a portfolio company of Pender West Capital Partners Inc., has acquired Brampton, Ontario based Skilcor Food Products. Financial terms were not disclosed.
Skilcor is one of Canada’s leading manufacturers of cooked back ribs and other unique protein products. It has annual sales of approximately $27 million and operates out of a specially designed 34,000 square foot facility that was built in 2006.
Family office, Pender West Capital Partners Inc., through Pender West Investors Inc., owns 10.9% of Premium Brands Holdings outstanding shares.
photo credit: Skilcor Food Products
PREMIUM BRANDS HOLDINGS CORPORATION ANNOUNCES THE ACQUISITION OF ONTARIO BASED SKILCOR FOODS
VANCOUVER, B.C., September 28, 2017. Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today that it has acquired a 100% interest in Ontario based Skilcor Food Products. Skilcor is one of Canada’s leading manufacturers of cooked back ribs and other unique protein products. It has annual sales of approximately $27 million and operates out of a specially designed 34,000 square foot facility that was built in 2006.
“Skilcor further strengthens our rapidly growing precence in central Canada’s protein manufacturing and protein distribution segments. It will not only expand our portfolio of products but will also give us specialized production capacity that will enable us to provide customers with premium quality differentiated protein solutions in the high growth ready-to-eat product category,“ said Mr. George Paleologou, President and CEO of Premium Brands. “In addition, Skilcor’s experienced and talented management team will further enhance the depth of our Protein Platform in central Canada,” added Mr. Paleologou.
“I have no doubt that Premium Brands is the right partner for us, our company and our people,” said Mrs. Deborah Kinzinger, Founder and Chair of Skilcor. “I am very proud of our team, our culture and our products and of how much we have accomplished since Skilcor was founded back in 1969.
“We are looking forward to working with the other companies under the Premium Brands umbrella to help accelerate our growth across Canada and into the U.S.”, added Ms. Kinzinger.
The transaction will be funded through Premium Brands’ existing bank facilities and is expected to be immediately accretive to its annual earnings per share and free cash flow per share.
ABOUT PREMIUM BRANDS
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Nevada, Ohio, Arizona and Washington State. The Company services a diverse base of customers located across North America and its family of brands and businesses include Grimm’s, Harvest, McSweeney’s, Piller’s, Freybe, SJ Fine Foods, Expresco, Belmont Meats, Leadbetter Foods, Skilcor, Cobblestone Farms, Hempler’s, Isernio’s, Fletcher’s U.S., Direct Plus, Audrey’s, SK Food Group, OvenPride, Bread Garden Go, Hygaard, Quality Fast Foods, Deli Chef, Creekside Bakehouse, Stuyver’s Bakestudio, Island City Baking, Partners Crackers, Conte Foods, Larosa Foods, Gourmet Chef, Duso’s, Centennial Foodservice, B&C Food Distributors, Shahir, Wescadia, Harlan Fairbanks, Maximum Seafood, Ocean Miracle, Hub City Fisheries, Diana’s Seafood, C&C Packing, Premier Meats and Interprovincial Meat Sales.
For further information, please contact George Paleologou, President and CEO or Will Kalutycz, CFO at (604) 656-3100.