Canadian seafood company changes hands in major deal – Fishupdate.com

Canadian seafood company changes hands in major deal Published:  07 July, 2010

ONE of Canada’s  fastest growing fish product businesses  has changed hands. Vancouver based Premium Brand Holdings has bought a 76 per cent holding in the fish products company Maximum Seafood of Toronto which has sales of around $56 million a year.

 

Premium Brands owns a broad range of leading branded specialty food businesses with manufacturing and distribution facilities located in British Columbia, Alberta, Saskatchewan, Manitoba and Washington. In addition, the Corporation owns proprietary food distribution and wholesale networks through which it sells both its own products and those of third parties to approximately 25,000 customers.

This deal, the value of which has not been disclosed,  gives Premium Brands a much stronger foothold in Canada’s all important and expanding seafood business.

Premium Brands president and  chief  executive George Paleologou said his company’s seafood business, together with Maximum, will create a company with a growing product category, adding: ““Looking forward, the expertise and resources that Maximum has in fresh and live seafood, combined with the buying and supply channel synergies created between Maximum and our other seafood initiatives, positions us very well to build a national seafood platform and to further accelerate our sales in this rapidly growing product category..”

He added: “Our existing seafood business, which has grown rapidly over the last several years to almost $30 million in annual sales, together with Maximum will create an $85 million sales platform in a product category that is benefiting from a number of consumer trends, including an increased awareness of the health benefits associated with a diet that incorporates fresh seafood, and Canada’s changing ethnic mix.