August 5, 2011
Premium Brands buys Canadian deli meat firm
Premium Brands Holdings Corporation, which produces and distributes branded specialty food products, will acquire Waterloo, an Ontario-based Piller Sausages & Delicatessens Limited, for US$75.4 million, the company stated Thursday (Aug 4).
With annual sales of approximately US$180 million and more than 600 employees, Piller's is one of Canada's leading manufacturers of specialty European deli meats.
Premium Brands' specialty food manufacturing and food distribution operations are located throughout Canada as well as Washington and Nevada.
Premium Brands will fund the transaction through draws on its senior credit facilities. In conjunction with the transaction, Premium Brands negotiated a US$57.3 million increase in the credit available under these facilities.