Canadian speciality food manufacturer Premium Brands (PBH) has signed a definitive agreement to purchase US-based Ready Seafood (Ready).

Financial details of the deal have not been disclosed by both the companies.

Premium Brands president and CEO George Paleologou said: “We are very pleased to be partnering with John, Brendan, and their talented management team.

“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.

“We greatly admire and respect John and Brendan as true industry pioneers and are excited to be welcoming them and their team into our group.”

Subject to customary closing conditions and regulatory approvals, as well as the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, the transaction is expected to be completed within the next four weeks.

“They 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.”

Founded in 2004, Ready is a Portland, Maine-based company that processes, distributes and markets lobsters in the US. It operates three production facilities in Maine.

Ready co-CEO John Ready said: “We are very excited to be joining the Premium Brands group. Its unique culture and core values, which includes commitments to producing only premium-quality products, constant innovation and long-term decision making, makes Premium Brands an ideal partner for us.”

In June, PBH completed the acquisition of Ontario-based Concord Premium Meats (Concord), which produces branded and customised protein solutions for retailers and foodservice customers across Canada.

PBH has a range of speciality food manufacturing and food distribution businesses operating across Canada and the US.

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