Canadian speciality food group Premium Brands Holdings has acquired deli meat manufacturer Freybe Gourmet Foods for C$55m (US$53.9m).

Family-owned Freybe manufactures gourmet premium deli meats, with annual sales of around C$78m. The deal will see Premium Brands buy the iconic Freybe brand as well as Freybe’s 118,000 square foot manufacturing facility.

Premium Brands said it anticipates expanding Freybe’s sales by feeding products into its existing distribution network. The group also plans to generate synergies by transferring production from Premium Brands’ existing Richmond facility, which is due to close this year, to utilise excess capacity at Freybe’s manufacturing plant. 

“This transaction provides us with another leading specialty food company that further enhances the depth and strength of our deli meats business platform,” president and CEO George Paleologou said.

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By GlobalData