View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 20, 2017

Premium Brands buys Canadian meat maker Leadbetter Foods

Premium Brands Holdings has acquired full ownership of Leadbetter Foods in what the Canadian food maker said was its "next step toward building a leading specialty protein platform in Ontario".

By Simon Harvey

Premium Brands Holdings has acquired full ownership of Leadbetter Foods in what the Canadian food maker said was its “next step toward building a leading specialty protein platform in Ontario”.

In a stock exchange filing today (19 September) Premium Brands said the transaction will be funded through its existing bank facilities and is expected to be “immediately accretive to its annual earnings per share and free cash flow per share”.  

Leadbetter manufactures bacon, fresh and frozen burgers and portion-cut steaks from its two production sites in Orillia, Ontario. The company generates annual sales of approximately CAD55m (US$44.8m), Premium Brands said, without being more specific.

Premium Brands produces and distributes a whole host of products, ranging from processed meats such as its Belmont burgers, to deli items and sandwiches. The business also covers food-service through brands such as Centennial and Maximum Seafood.

The purchase follows comments by president and CEO George Paleologou in August Premium Brands planned to pursue “several transactions” this year helped by a “record” second quarter.

Paleologou said of the deal today: “Not only does Leadbetter perfectly complement our Ontario-based Belmont Meats’ burger business, but it will also help with the launch of our Centennial business’ Ontario operations when Centennial opens its new 105,000 square foot custom cutting and distribution facility in the Toronto region at the end of this year.” 

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food