(RTTNews) – Premium Brands Holdings Corp.(PBH. TO), a leading producer, distributor and distributor of branded specialty food products, announced Monday that Global Gourmet Foods Inc. won.and signed an agreement to win Allseas Fisheries Inc.
The combined acquisition value of the Company’s investments in Global Gourmet and Allseas is approximately $139 million, or $115 million in cash, $10 million in non-unusual Premium Brands shares and up to $14 million in conditional consideration.
The combined profit of the two businesses is approximately $204 million and the two transactions are expected to promptly generate Premium Brands’ earnings in line with the constant percentage and loose money in line with the steady percentage on an annual basis.
Global Gourmet is a leader in ready-to-eat pot-cooked food responses in Canada, adding protein-based ingredients, specialty sauces, soup bases and side dishes, to stores and restaurants in Canada and abroad.
Allseas’ transaction is expected to close in 4 to 8 weeks and is subject to standard final conditions, adding approval through the Canadian Competition Office.