Premium Brands Holdings Corp., a Canadian producer, marketer and distributor of branded specialty food products, plans to purchase Ready Seafood Co. of Portland, Maine.
Ready was founded in 2004 by brothers John and Brendan Ready and has grown from a small startup to a major processor, distributor and marketer of lobsters in the U.S. It has three production facilities, all located in Maine.
“We are very pleased to be partnering with John, Brendan and their talented management team. They are disruptors in what has been a relatively stable industry and have not only brought about significant innovation to the segment but have also played a lead role in ensuring the long-term sustainability of the industry,” said George Paleologou, president and CEO of Premium Brands. “We greatly admire and respect John and Brendan as true industry pioneers and are excited to be welcoming them and their team into our group.
“John and Brendan will become key partners in our rapidly growing seafood group platform, which was created in 2008 with the acquisition of Vancouver Island-based B&C Food Distributors. Post our investment in Ready, this group will have run-rate sales of close to $400 million, and its operations will expand across Canada and into the U.S. East Coast,” added Paleologou.
“We are very excited to be joining the Premium Brands group. Its unique culture and core values, which includes commitments to producing only premium quality products, constant innovation and long-term decision making, makes Premium Brands an ideal partner for us,” said John Ready, co-CEO. “With Premium Brands, we have found a partner that not only shares our vision for the future but also understands and respects our distinct culture, which is at the heart of our success.”
Brendan Ready, co-CEO, added, “John and I grew up in the seafood industry and are very proud of what we and our team have achieved over the past 14 years as we have grown Ready from a small startup to an industry leader with annual sales of over $100 million. With Premium Brands as our long-term partner, we look forward to accelerating our growth.”
Premium Brands owns a broad range of specialty food manufacturing and differentiated-food distribution businesses, with operations across Canada and the U.S.
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