Premium Brands Holdings Corp. has signed a definitive agreement to purchase Ready Seafood Co., a leading lobster processor, distributor and marketer based in Portland, Maine.
The transaction is expected to close within the next four weeks. Ready has three production facilities, all in Maine.
"We are very pleased to be partnering with John, Brendan, and their talented management team,” said George Paleologou, president and CEO of Premium Brands. “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."
Ready will become part of Premium’s Seafood Group, which was launched in 2008 with the acquisition of Vancouver Island based B&C Food Distributors.
The announcement represents another step in a recent spate of acquisitions by Premium. Companies acquired this year include Select Food Sandwich, Yorkshire Valley Farms and Oberto Meat Snacks, among others.
Premium Brands owns food manufacturing and distribution businesses across Canada and the US.