Canada-based food distributor Premium Brands acquired lobster firm Viandex Distribution Alimentaire, US-based Maine Coast Shellfish and bought a 50 percent stake in the Canadian fishing business North Delta Seafood, the company announced in its third quarter earnings report.
“Given the traction we are seeing in the United States, I am more confident than ever in the ability of our meat snack, deli meats, sandwich, cooked protein and seafood platforms to become billion dollar platforms in the coming years," President and CEO George Paleologou said.
In the same quarter, the group's earnings before interest, tax, depreciation and amortization (EBITDA) jumped 18 percent to a record of CAD 84.1 million (€57.6 million/$63.5 million) compared to the same time last year.
Revenues also rose 16 percent compared to the year prior to CAD 968 million (€662.6 million/$730.4 million).
The company deployed CAD 67.2 million (€46 million/$50.7 million) to make its acquisitions and announced that more opportunities to grow within seafood is in the pipeline.
“Looking forward, we continue to have an exceptionally robust pipeline of transactions we are working on and expect to close several more before the end of the year," Paleologou said.