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September 20, 2018

Premium Brands completes acquisition of Ready Seafoods

File Photo/Tim Greenway
File Photo/Tim Greenway
Brendan Ready, left, and his brother John, owners of Ready Seafood Co., are shown in a Mainebiz file photo. A deal to be acquired by Premium Brands Holdings Corp., a rapidly growing Canadian food group, was completed on Thursday.

Canada's Premium Brands Holding Corp. (TSK: PBH) said Thursday that it has completed its acquisition of Ready Seafood Co., putting the Portland-based brand under the same ownership as Hub City Fisheries and Diana Seafood.

The Vancouver-based buyer had announced the deal on Sept. 5, saying the transaction will bring its seafood assets to more than $400 million Canadian ($310.28 million USD).

Ready Seafood, founded in 2004 by brothers John and Brendan Ready, has grown from a small startup into one of the leading processors, distributors and markets of lobsters in the United States.

"We are very excited about this transaction," said George Paleologou, president and CEO of Premium Brands, in a statement. "Not only does it add another talented management team to our business, but it also provides our Seafood Group with a solid platform to support its organic growth and business acquisition initiatives in the U.S."

Terms of the deal have not been disclosed, but Premium Brands has said it will retain John and Brendan Ready as partners as well as the company's three production facilities in Maine.

Premium Brands has a current market value of around C$3.3 billion on the Toronto Stock Exchange and inched up 0.31% Thursday morning to C$100.30 a share. The stock has added 2.35% in the past year.

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