Premium Brands boosts its meat snacks portfolio with Oberto acquisition
According to a company statement, the transaction is expected to close within four to six weeks from now and it is subject to customary closing conditions including regulatory approvals such as expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
"This transaction will create a leading North American platform in the rapidly growing meat snacks product category and will feature Canada’s top meat snack brands, including McSweeney’s, Grimm’s, Freybe, Piller’s and Harvest, as well as Oberto’s iconic family of brands and our fast emerging, U.S. based Hempler’s brand. I have no doubt that both Oberto and our legacy businesses will benefit from each other’s respective strengths," said George Paleologou, President, and CEO of Premium Brands.
"Oberto will be our third major investment in Washington State. Our two prior ones: sandwich maker SK Food Group and premium processed meats producer Hempler Foods Group, have both prospered under the Premium Brands umbrella with their combined sales growing from under US$130 million in 2011 to over US$560 million last year. We fully expect Oberto to replicate this type of success by combining its current strengths with access to our various resources," Mr. Paleologou added.
Oberto is one of North America’s leading manufacturers of beef jerky and other protein-based snack foods, which it sells under its Oberto, Pacific Gold, Pacific Gold Reserve and Cattleman’s Cut brands. The company was founded in 1918 by Constantino Oberto and later led by Constantino’s son Art Oberto who, along with other family members, still own it today.
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