Premium Brands Holdings Corp., Canada, entered into a definitive agreement to acquire substantially all of the assets and business undertakings of Montreal, Canada-based C&C Packing Inc. and its affiliate, Premier Meat Packers (2009) Inc.
C&C is a leading supplier of a variety of fresh and frozen meat products to retailers and foodservice distributors across central and eastern Canada.
“C&C perfectly complements our protein distribution and trading initiatives in western Canada, and with its strong and experienced management team and state-of-the-art facilities, will enable us to create a unique national platform in another niche market segment,” says George Paleologou, Premium Brands’ president and CEO. “We are also very pleased to be welcoming the Cons family and their very talented team to Premium Brands. We have known and respected Stanley, Ronnie and Michael for many years, and are looking forward to working with them. I have no doubt that their talents will further strengthen our management team.”
“This transaction, which will be our third major investment in Quebec, also fits perfectly with the business diversification strategies that form a core part of our business plan, which have enabled us to consistently improve our performance in each of the last 10 years despite numerous external challenges. C&C will further diversify our customer base, expand our presence in Quebec and the Maritimes and add to our product portfolio,” adds Paleologou. “Furthermore, we expect the transaction to be immediately accretive to our earnings and cash flows.”
“We are very excited to be joining Premium Brands. Its entrepreneurial culture and focus on premium and differentiated products is an ideal fit for our business,” says Ronnie Cons, chief executive officer of C&C. “I have no doubt that there will be significant top and bottom line growth opportunities created through the combination of our businesses.”
“Our family is very proud of where our business is today. Our people, culture and operations are second to none,” adds Stanley Cons, C&C’s chairman. “I am as excited today about what lies ahead for our business as I was when I founded C&C back in 1974.”
“It was very important to us to find a partner that could not only help us elevate our business to the next level, but one that also shares our values,” says Michael Cons, chief operating officer of C&C. “Our family and I have no doubts that Premium Brands is that partner.”
The acquisition is expected to close April 15.
