PE-backed Premium Brands acquires Diana’s Seafood

Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired Diana’s Seafood, a supplier of fresh and frozen seafood products to retail and foodservice customers in the Greater Toronto Area. No financial terms were released. The deal, which comes on the heels of the company’s buy of Island City Baking earlier this month, will help it build “Canada’s only national seafood distribution network,” Premium Brands said. Based in Vancouver, Premium Brands has been a portfolio investment of Canadian private equity firm Pender West Capital Partners since 2005.


Premium Brands Holdings Corporation announces acquisition of Diana’s Seafood

VANCOUVER, Dec. 8, 2016 /CNW/ – Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today the acquisition of a 100% interest in Toronto, ON based Diana’s Seafood (Diana’s). Diana’s, which has annual sales of approximately $18.0 million, is a leading supplier of a variety of fresh and frozen seafood products to retail and foodservice customers in the Greater Toronto Area.

Diana’s was founded by Diana and Nino Cicirello in 1998. Since then, they have grown the Diana’s Seafood name, which is synonymous with high quality fresh seafood, into an iconic brand in the Greater Toronto Area.

“We are very excited about Diana’s joining our rapidly growing Seafood Group business platform,” said Mr. George Paleologou, President and CEO of Premium Brands. “This platform, which has grown from virtually no sales in 2007 to over $135 million in projected sales for 2016, is benefiting from a number of consumer trends including increased consumer awareness of the health benefits associated with a seafood rich diet and Canada’s changing demographics, both in terms of age and ethnic mix. The Diana’s transaction, which is our Seafood Group’s fifth acquisition, moves this platform one step closer to its objective of building Canada’s only national seafood distribution network,” added Mr. Paleologou.

“Looking forward we are also very excited by the growth opportunities created by this acquisition. The most significant of these will be leveraging Diana’s brand and customer relationships in the foodservice industry to create additional sales opportunities for our new Ontario foodservice expansion initiative, which is scheduled to begin operations in mid-2017. In addition, our other seafood and wholesale food businesses will be leveraging Diana’s strength in certain niche seafood products to expand their product offerings,” said Mr. Paleologou.

“With respect to the Diana’s business specifically, not only do we expect it to benefit from our extensive supply chain related resources, but it will also be able to leverage our new Ontario foodservice facility to accelerate the growth of its foodservice distribution business, which in recent years has been constrained by warehouse capacity limitations,” added Mr. Paleologou.

“I am very excited by the opportunity to join the Premium Brands Group,” said Mrs. Diana Cicirello; President & CEO of Diana’s. “We have chosen to partner with them based on their reputation as a long term and respectful investor in food businesses and are very excited about our future together,” added Mrs. Cicirello.

Consistent with how Premium Brands’ other seafood businesses are accounted for, Diana’s will be included in its Premium Food Distribution segment.

About Premium Brands

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, Ohio, Arizona and Washington State. The Company services a diverse base of customers located across North America and its family of brands and businesses include Grimm’s, Harvest, McSweeney’s, Piller’s, Freybe, Expresco, Belmont Meats, Hempler’s, Isernio’s, Fletcher’s U.S., Direct Plus, Audrey’s, SK Food Group, OvenPride, Bread Garden Go, Hygaard, Quality Fast Foods, Deli Chef, Creekside Bakehouse, Stuyver’s Bakestudio, Island City Baking, Conte Foods, Larosa Foods, Gourmet Chef, Duso’s, Centennial Foodservice, B&C Food Distributors, Shahir, Wescadia, Harlan Fairbanks, Maximum Seafood, Ocean Miracle, Hub City Fisheries, Diana’s Seafood, C&C Packing and Premier Meats.

For further information: please contact George Paleologou, President and CEO or Will Kalutycz, CFO at (604) 656-3100.

Photo courtesy of Diana’s Seafood