Premium Brand Holdings, a producer, marketer, and distributor of branded specialty food products, recently acquired Global Gourmet Foods and signed an agreement to acquire Allseas Fisheries for approximately $139 million. Montminy & Co., an investment firm, spearheaded and advised the deal.
“We are proud to have put this exciting deal together,” stated Joel Montminy, CEO of Montminy & Co., in a statement sent exclusively to Deli Market News. “Allseas is one of Canada’s leading independent seafood distribution companies, serving the finest hotels and restaurants, independent retailers, as well as caterers and banquet halls. Allseas’ affiliates include Mike’s Fish Market located in Toronto’s St. Lawrence Market. Based in Richmond, British Columbia, Premium Brands is one of Canada’s largest food processing companies with facilities across Canada and the United States. Culturally, the two businesses were a hand-in-glove fit in terms of entrepreneurship, sustainability, product quality, and customer satisfaction. Allseas will continue as a stand-alone business unit within Premium Brands. I look forward to seeing this successfully close upon regulatory approval and watching Allseas flourish in the years ahead.”
Global Gourmet, according to a press release, is one of Canada’s leading providers of ready-to-eat food solutions, while Allseas is a distributor of fresh and frozen seafood to retail, foodservice, and wholesale customers in Ontario.
The Allseas transaction is expected to close in four to eight weeks and is subject to customary closing conditions including the approval of the Canadian Competition Bureau.
"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," said George Paleologou, President and CEO of Premium Brands. "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. I have followed Premium Brands for many years and have no doubt that they are that partner."
"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," said Danny Soberano, Co-Founder of Allseas. "Furthermore, we are excited about leveraging the PB ecosystem to create new opportunities and to advance our business to the next level in its growth and development.”
Paleologou concluded, remarking that, “We are very excited to be once again resuming our acquisition strategy. Our pipeline of opportunities is as full as it has ever been, and we look forward to making more announcements as the year progresses.”
To see the full financial details of the transaction, please click here. And as always, keep reading Deli Market News for the latest in all things specialty.