Canadian speciality foods producer and distributor Premium Brands Holdings has purchased a 76% interest in Toronto-based Maximum Seafood.
Maximum is a supplier of a variety of fresh and live seafood products with annual sales of around C$56m (US$53m).
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“Its strong market position and differentiation based business strategies combined with exceptional growth opportunities in the seafood category make this an ideal investment for us,” said George Paleologou, president and CEO of Premium Brands Holdings.
The firm said it hopes to create an C$85m sales platform in a product category that it claimed is being helped by a number of consumer trends, including an increased awareness of the health benefits of seafood.
“Looking forward, the expertise and resources that Maximum has in fresh and live seafood, combined with the buying and supply channel synergies created between Maximum and our other seafood initiatives, positions us very well to build a national seafood platform and to further accelerate our sales in this rapidly growing product category,” Paleologou added.
The transaction is expected to be immediately accretive to both Premium Brands’ earnings per share and free cash flow per share.
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