Canada-based Premium Brands Holdings has made yet another acquisition, buying local meat supplier Penguin Meats Supply.
The transaction was confirmed today (15 May), as Premium Brands reported its first-quarter financial results – and improved guidance for the full year on the back of other recent acquisitions.
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Premium Brands provided brief details on Penguin Meats Supply, describing the British Columbia-based business as “a distributor of protein products to foodservice and retail customers” in the province.
No specific financial details were disclosed on the transaction. However, Premium Brands said it paid a total of CAD242.4m for Penguin Meats Supply, US firm Oberto Sausage Co. and the increase of its stake in local supplier McLean Meats from 36.2% to 66.2%. Premium Brands revealed the Oberto deal in April and the further investment in McLean in March.
Premium Brands bought four other firms outright in March. Acquisitions made in 2017 included Canadian meat companies Skilcor Food Products and Leadbetter, along with Minnesota-based ready-meals maker Buddy’s Kitchen and Raybern Foods, a sandwich supplier located in California.
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