Premium Brands Holdings Corp. has signed a definitive agreement to purchase Freybe Gourmet Foods, Ltd., a Langley, B.C.-based deli meat manufacturer, for $55 million.
“This transaction provides us with another leading specialty food company that further enhances the depth and strength of our deli meats business platform,” said George Paleologou, president and chief executive officer of Premium Brands. “We will also be adding the Freybe name, which is one of western Canada’s oldest and most iconic local brands, to our diverse portfolio of leading specialty food brands. Looking forward, we see significant opportunities to help Freybe grow its business and brand by leveraging both our deli meat platform’s sales and marketing infrastructure as well as our proprietary distribution networks in the food service and retail channels.”
Premium Brands plans to close its Richmond, B.C., deli meat plant this year and move production to Freybe’s Langley facility, where it also will support growth of its Ferndale, Wash.-based Hempler Foods Group business.
“We are also very pleased to welcome Sven Freybe, president and c.e.o. of Freybe, and his management team to Premium Brands,” Mr. Paleologou said. “We have known and respected them for many years and are looking forward to working with them. Their talents will further strengthen our management team.”
