US-based food company Oberto Brands has entered into a definitive agreement to sell all of its assets and operating divisions for an undisclosed price to Canadian food firm Premium Brands.

The deal is expected to be completed over the next four to six weeks, subject to customary closing conditions.

Established in 1918, Oberto is a family-owned company that produces beef jerky and other protein-based snack foods across North America under various brands including Oberto, Pacific Gold, Pacific Gold Reserve, Lowrey’s and Cattleman’s Cut.

Oberto president and CEO Tom Hernquist said: “We are proud of Oberto, its employees and the generations of family members that have contributed to such an iconic and successful business.

“Premium Brands’ entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision-making are perfect fits for our business.”

"Premium Brands’ entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision-making are perfect fits for our business."

Headquartered in British Columbia, Canada, Premium Brands has a broad portfolio of specialty food manufacturing facilities and differentiated food distribution businesses.

Premium Brands president and CEO George Paleologou said: “Oberto’s values, culture, loyal employees and talented management team are an ideal fit for us. We have followed and admired the Oberto brand for many years.”

The Canadian food company serves more than 22,000 customers located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, as well as in US states Arizona, Minnesota, Mississippi, Nevada, Ohio and Washington.

Hernquist added: “While Oberto has been successful as an independent, family-owned business for over 100 years, the marriage with Premium Brands will enhance our ability to grow and thrive for the next 100 years.

“Premium Brands has a sterling track record of nurturing and growing family-owned businesses with their extensive meat expertise, capital investment philosophy, procurement and distribution platforms and an operating model focused on supporting and developing each operating business unit.”