Premium Brands Holdings has announced the acquisitions of two protein companies in its second-quarter results.
King’s Command is a cooked protein manufacturer based in Ohio, US. Premium Brands has also increased its interest in deli meats producer Golden Valley Farms from 50% to 100%.
The Canada-based business said in its Q2 earnings call that the investment in both acquisitions amounted to CAD 86.5 million (approx. $67.2 million).
Premium Brands president and CEO, George Paleologou, said: “Both of these businesses will play a significant role in supporting our organic growth initiatives as they provide us with much-needed capacity solutions in two very exciting growth categories, namely cooked protein and dry cured meats”.
Paleologou added that the acquisitions helped position the company to exceed its 2023 objective of CAD 6 billion in sales and CAD 600 million in adjusted EBITDA to achieve its “longer-term goal of being one of North America’s leading speciality foods companies”.
He continued: “In addition, we continue to enjoy a robust pipeline of acquisition opportunities that spans all our platforms and provides us with the ability to further accelerate our growth”.
© FoodBev Media Ltd 2022
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