Vancouver’s Premium Brands Holdings Corp. (TSX:PBH) has acquired a majority stake in Vancouver Island’s Hub City Fisheries for an undisclosed sum.
The move is the second acquisition in recent months. Last month, Premium Brands acquired Seattle-based SK Food Group Inc. for approximately $42.5 million. (See “Strong dollar fuelling Premium Brands acquisition of Seattle sandwich-maker ” – BIV Business Today, October 19.)
The acquisition of a 60% stake of Hub City will contribute to Premium Brands’ plans to rapidly grow its seafood business, supporting expansion of its products by B&C Foods, Centennial and Maximum Seafood. The company said Hub has annual sales of approximately $10 million per year.
“Fresh seafood is an exciting and fast-growing product category in the food industry,” said George Paleologou, Premium Brands’ president and CEO. “The addition of Hub will expand our seafood business platform to almost $100 million in annual sales.”
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