Canada’s Premium Brands Holdings has struck a deal to acquire Montreal-based C&C Packing and its affiliate, Premier Meat Packers, for C$146m (US$110.1m).
The company said that the deal would help create a “national protein distribution and trading platform”.
C&C generates annual sales of approximately $250m and supplies a variety of fresh and frozen meat products to retailers and foodservice distributors across central and eastern Canada. It was founded in 1974 by Stanley Cons who, along with his two sons Ronnie and Michael, currently own and operate the business. The Cons family will remain with the business.
“C&C perfectly complements our protein distribution and trading initiatives in western Canada and, with its strong and experienced management team and state-of-the-art facilities, will enable us to create a unique national platform in another niche market segment,” said George Paleologou, Premium Brands’ president and CEO.
“This transaction, which will be our third major investment in Quebec, also fits perfectly with the business diversification strategies that form a core part of our business plan… C&C will further diversify our customer base, expand our presence in Quebec and the Maritimes, and add to our product portfolio,” Paleologou continued.
The deal is expected to be immediately accretive to earnings and cash flow, Premium Brands revealed.