Snack company Oberto is making moves, as it steps into the final stages of selling all of the company's assets and operating divisions to Premium Brands Holdings.
"We are very proud of the many accomplishments we have achieved over the past 100 years as a family-owned and operated business. Transitions are always difficult, but we are confident this transaction will best position Oberto for future success," said Art Oberto, Chairman Emeritus of Oberto. "Premium Brands is the right partner to take us forward and strengthen the legacy built by our family."
This seems to be the latest in a string of purchases, Premium Brands Holdings has bought part or all of 20+ companies since July of 2015, according to The Seattle Times. Isernio's is another Washington-based sausage-making company that was purchased by the umbrella company, as well as SK Food Group and Hempler Foods Group, which, under the parent company's ownership, grew from its 2011 sales, $130 million, to sales last year, amounting to over $560 million.
While subject to customary closing conditions, the company expects the transaction to be finalized within the next four to six weeks. This step, according to a press release, will allow Oberto room to grow moving forward.
"We are proud of Oberto, its employees and the generations of family members that have contributed to such an iconic and successful business. Premium Brands' entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision-making are perfect fits for our business," said Tom Hernquist, President & CEO of Oberto. "While Oberto has been successful as an independent, family-owned business for over 100 years, the marriage with Premium Brands will enhance our ability to grow and thrive for the next 100 years. Premium Brands has a sterling track record of nurturing and growing family-owned businesses with their extensive meat expertise, capital investment philosophy, procurement and distribution platforms and an operating model focused on supporting and developing each operating business unit."
The company, founded in 1918, is a leading manufacturer of beef jerky in North America, as well as other popular protein-based snack goods, and is currently headquartered in Kent, Washington. Employing around 500 people, the company prides itself on its family-owned roots and its commitment to the community.
"Oberto's values, culture, loyal employees, and talented management team are an ideal fit for us," said George Paleologou, President and CEO of Premium Brands. "We have followed and admired the Oberto brand for many years."
Oberto brands include Oberto, Pacific Gold, Pacific Gold Reserve, Lowrey's and Cattleman's Cut.
How will this next chapter in the Oberto story reflect on the rest of the industry, and will we see more companies making the move to Premium Brands Holdings in the near future? Deli Market News will continue to keep you updated with the latest industry happenings.