Premium Brands buys Vancouver Halal meat supplier for $2.1 million

The Canadian Press ~ The News
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VANCOUVER - Premium Brands Holdings Corp. (TSX:PBH) says it has acquired Vancouver-based South Seas Meats Ltd., a distributor of Halal specialty meats that will help expand Premium's portfolio of ethnic foods.
Premium Brands, which has about 25,000 customers in Western Canada and Washington State, paid about $2.1 million for South Sea Meats, which had annual sales of about $10 million.
Halal meat is prepared under Islamic guidelines for the slaughter of animals.
Ahsan Razak, the founder and operator of South Sea Meats, will join the management team of Premium Brands.
"His experience, knowledge and expertise will be very valuable as we continue to execute our ethnic foods initiatives," Premium Brands chief executive George Paleologou said in a statement.
"Looking forward, we expect to generate significant synergies from this transaction by providing SSM access to our global procurement initiatives, information system technologies and financial resources and by leveraging SSM's ethnic foods expertise to expand the product offerings of our other distribution networks," Paleologou said.
The transaction is projected to increase the 2010 earnings and free cash flow of Premium Brands, whose brands include Grimm's, Harvest, McSweeney's.
Premium Brands has manufacturing and distribution facilities in British Columbia, Alberta, Saskatchewan, Manitoba and Washington State.

Organizations: Premium Brands Holdings, South Seas Meats, TSX McSweeney's

Geographic location: Washington State, VANCOUVER, Western Canada British Columbia Alberta Saskatchewan Manitoba

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