Premium Brands Acquires Halal Meat Supplier for $2.1 Million
Premium Brands purchased Vancouver Halal meat supplier amounting to $2.1 million obtaining founder and operator South Sea Meats’ Ahsan Razak as part of their management team.
The acquisition is intended to expand portfolio of Premium Brands ethnic foods initiatives.
To help expand portfolio of ethnic foods, Premium Brands Holdings Corp. has acquired Vancouver-based South Seas Meats Ltd., distributor of Halal specialty meats.
Premium Brands paid about $2.1 million for South Sea Meats, which had annual sales of $10 million. Founder and operator of South Sea Meats, Ahsan Razak, will join Premium brands management team.
The participation of South Sea Meats’ Ahsan Razak to Premium Brands company is expected to have a huge impact in the overall performance of the company.
The company’s chief executive George Paleologou said that Razak’s experience, knowledge and expertise would be very valuable as they continue to execute ethnic foods initiatives.
He also added that they are expecting to generate significant synergies from this transaction by providing SSM access to their global procurement initiatives, information system technologies and financial resources and by leveraging SSM's ethnic foods expertise to expand the product offerings of their distribution networks.
Having 25,000 customers in Western Canada and Washington State, Premium Brands is projecting increase in 2010 earnings and free cash flow.
Manufacturing and distribution facilities of premium Brands are located in Alberta, Saskatchewan, British Columbia, Manitoba and Washington State. Brands include Grimm's, Harvesta and McSweeney's.
On the other hand, Halal meat is prepared under Islamic rules for the slaughter of animals.
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