Premium Brands Holdings Corp. on Monday announced that it acquired a 76 percent stake in Toronto-based Maximum Seafood, a fresh and live seafood supplier with annual sales of approximately CAD 56 million (USD 53 million, EUR 42 million). Terms of the deal were not disclosed.
Combined with its existing seafood business, Vancouver-based Premium Brands expects to bring in approximately CAD 85 million (USD 80 million, EUR 64 million) in annual seafood sales and expand its distribution reach across Canada.
Premium Brands President and CEO George Paleologou credited Maximum Seafood founders Max D’Elia, Leo D’Elia and Tony D'Angelo for the company’s strong position in the Toronto, Ottawa and Montreal markets.
“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,” said Paleologou.
Premium Brands has distribution operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Washington state. The company’s range of specialty food brands include Grimm’s, Harvest, McSweeney’s, Bread Garden Express, Hygaard, Hempler’s, Quality Fast Foods, Gloria’s Best of Fresh, Harlan's, Creekside Bakehouse, Centennial Foodservice, B&C Foods and Duso’s Fine Foods.
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