VANCOUVER, BRITISH COLUMBIA — Premium Brands Holdings Corporation, a leading producer, marketer and distributor of branded specialty food products, announced today that it has completed the purchase of substantially all of the assets and operating divisions ("Piller's") of Waterloo, Ontario based Piller Sausages & Delicatessens Limited.
"Piller's, combined with our existing deli businesses, will create a unique national deli platform with an exceptional management team, state-of-the-art manufacturing facilities and a number of iconic brands," said Mr. George Paleologou, President and CEO of Premium Brands.
"We are very pleased to be joining the Premium Brands group and are excited by the significant synergies we will realize by working with Premium Brands' other deli businesses," said Mr. Willy Huber Jr., CEO of Piller's.
Piller's is one of Canada's leading manufacturers of specialty European deli meats with annual sales of approximately $180 million and over 600 employees.
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Washington State and Nevada. The Company services over 26,000 customers and its family of brands and businesses include Grimm's, Harvest, McSweeney's, Bread Garden Express, Hygaard, Hempler's, Quality Fast Foods, Gloria's Best of Fresh, Harlan's, Creekside Bakehouse, Centennial Foodservice, B&C Foods, Shahir, Duso's Fine Foods, Maximum Seafood, SK Food Group, OvenPride, Hub City Fisheries, Audrey's, Deli Chef, Hamish & Enzo and Piller's.
Veracap Corporate Finance, a boutique investment bank serving both private and public growth companies, represented Piller's in the transaction. "Premium Brands and Piller's are an ideal fit with both companies sharing a common vision of producing differentiated high quality products," said Mr. Howard Johnson, Managing Director, Veracap Corporate Finance.
Forward Looking Statements
This press release contains forward looking statements with respect to the Company, including its business operations, strategy and financial performance and condition. These statements generally can be identified by the use of forward looking words such as "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations.
Although management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of September 12, 2011, such statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.
Factors that could cause actual results to differ materially from the Company`s expectations include, among other things: (i) seasonal and/or weather related fluctuations in the Company's sales; (ii) changes in consumer discretionary spending resulting from changes in economic conditions and/or general consumer confidence levels; (iii) changes in the cost of raw materials used in the production of the Company's products; (iv) changes in the cost of products sourced from third party manufacturers and sold through the Company's proprietary distribution networks; (v) risks associated with the Company's conversion from a publicly traded income trust to a publicly traded corporation, including related changes in Canada's income tax laws; (vi) changes in the Company's relationships with its larger customers; (vii) potential liabilities and expenses resulting from defects in the Company's products; (viii) changes in consumer food product preferences; (ix) competition from other food manufacturers and distributors; and (x) new government regulations affecting the Company's business and operations. Details on these risk factors as well as other factors can be found in the Company's 2010 MD&A, which is filed electronically through SEDAR and is available online at www.sedar.com.
Unless otherwise indicated, the forward looking information in this document is made as of September 12, 2011 and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this document.
Source: Premium Brands Holdings Corporation