Premium Brands, a producer, marketer and distributor of branded specialty food products has acquired 100% of Ontario-based Leadbetter Foods.
Leadbetter has annual sales of approximately $55 million and is one of Ontario's leading manufacturers of specialty bacon, fresh and frozen burgers and portion-cut steaks. It operates two production facilities, including a modern 47,000 square foot custom designed bacon operation built in 2012, both of which are located in Orillia, Ontario.
"This transaction is the next step towards our objective of building a leading specialty protein platform in Ontario. 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' Ontariooperations when Centennial opens its new 105,000 square foot custom cutting and distribution facility in the Toronto region at the end of this year," said Mr. Paleologou.
"We are very excited to be joining the Premium Brands family," said Mr. Phil Leadbetter, President and CEO of Leadbetter Foods Inc. "We have been doing business with Premium Brands for many years and know, like and respect its unique culture and core values.
"Looking forward, I have no doubt that we will be able to take our business to the next level of its development by leveraging the many advantages that Premium Brands has to offer, including access to capital, marketing resources and a variety of new internal and external sales opportunities," added Mr. Leadbetter.
The transaction will be funded through Premium Brands' existing bank facilities and is expected to be immediately accretive to its annual earnings per share and free cash flow per share.
