Premium Brands Holdings Corp., a leading producer, marketer and distributor of branded specialty food products, announced today that it has acquired 100% of the shares of Ontario based Belmont Meats Products Limited. The purchase price for the shares, which is subject to certain customary adjustments, was $50.0 million consisting of $49.2 million in cash and $0.8 million in common shares of Premium Brands.
Belmont, which has annual sales of approximately $120 million is one of the leading manufacturers of burger patties in Canada and produces a wide variety of customized premium burgers for retail and foodservice customers across the country. Belmont is also in the process of introducing a number of its products into the U.S. retail market.