Premium Brands Holdings Corporation has acquired Global Gourmet Foods and has signed an agreement to acquire Allseas Fisheries; for a combined price of approximately $139 million.
Canada-based Global Gourmet is a provider of speciality fillings, sauces, soup bases and side dishes; while Allseas is a distributor of fresh and frozen seafood to retail, foodservice, and wholesale customers.
According to a statement from Premium Brands, the Allseas transaction is expected to close in four to eight week, and is subject to the approval of the Canadian Competition Bureau.
George Paleologou, president and CEO of Premium Brands, said: “The combination of Global Gourmet with our existing Gourmet Chef business will position us as the leading player in a high growth niche market that is benefiting from a number of long-term sustainable trends.
“We are also very pleased to be partnering with Global Gourmet’s leader, Richard Breakell, who has been a key driver of its growth in recent years. Going forward, Richard will lead the combined operations of Global Gourmet and Gourmet Chef.”
“Allseas will further strengthen our national seafood platform and help position us as Ontario’s leading seafood distributor.
“We are also looking forward to working with Allseas’ very talented, experienced and highly respected management team to capture cost synergies and improve the depth and scope of the seafood products that Allseas and our other seafood businesses can offer to their respective diverse base of customers.”
Richard Breakell, CEO of Global Gourmet, added: “We are very proud of what we have accomplished over the past 32 years as a family owned and operated business.
“My mother and stepfather, Anne and Lawrence Hill, founded Global Gourmet based on their passion for providing customers with exceptional culinary products. That same passion drives us today, however, after many years of strong growth we recognized that to take our business to the next level we needed to find the right partner.”
Danny Soberano, co-founder of Allseas, said: “We are very excited to be joining the Premium Brands group. Its entrepreneurial culture and respect for the uniqueness of its individual businesses is the perfect environment for us to continue to execute on our business plan.”
