VANCOUVER, July 30, 2018 /CNW/ - Premium Brands Holdings Corporation (TSX:PBH), a leading producer, marketer and distributor of branded specialty food products, is pleased to announce that it has acquired a 62.6% interest in Yorkshire Valley Farms Ltd., an Ontario based processor and marketer of organic chicken products.
Yorkshire, which has annualized sales of approximately $65 million, operates a modern 40,000 square foot processing facility located in Harriston, Ontario. It was founded in 2010 by a group of farming families led by Tony Ambler and Tom Ahrens. Under the leadership of its President, James Sculthorpe, and his management team, Yorkshire has become one of Canada's top producers of organic fresh and frozen chicken, most of which is sold under its industry leading Yorkshire Valley Farms brand.
"We are delighted to be partnering with Yorkshire. Not only are we gaining another very talented management team, who over a relatively short period established Yorkshire as a leading player in the Canadian organic chicken market, but we are also expanding into a new and exciting high growth product category," said George Paleologou, President and CEO of Premium Brands. "Organic protein products are growing faster than the overall category in both Canada and the US. This transaction, which combines the unique strengths of Yorkshire with our wide range of resources and capabilities, strongly positions Yorkshire to accelerate its growth in this rapidly expanding market segment. Furthermore, Yorkshire will provide our other branded protein businesses with proprietary access to a relatively scarce resource as they continue to extend their leading position in premium, artisan and specialty value added proteins," added Mr. Paleologou.
"We chose to partner with Premium Brands based on their solid reputation as a supportive long term investor that respects the unique cultures and values of the businesses they invest in," said James Sculthorpe, President and CEO of Yorkshire. "We are very much looking forward to a great future together and to leveraging Premium Brands various resources to strengthen our business and accelerate our growth," added Mr. Sculthorpe.
"We are very proud of what we have accomplished over the last eight years and have no doubt that Premium Brands is the right partner to help us continue our legacy of raising and producing high quality chicken in Canada," said Tony Ambler, co-founder and Chairman of Yorkshire."
"We wanted to find a partner that would not only help to take Yorkshire to the next stage in its development but would also honor our employees, who are at the core of our success," said Tom Ahrens, co-founder and Director of Yorkshire. "I am confident that Premium Brands is that partner," added Mr. Ahrens.
About Premium Brands
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States.
SOURCE Premium Brands Holdings Corporation
For further information: please contact George Paleologou, President and CEO or Will Kalutycz, CFO at (604) 656-3100, www.premiumbrandsholdings.com
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