Premium Brands Holdings has acquired US meat snack manufacturer Oberto Brands as it continues its focus in the North American meat market.
The transaction is expected to close within the next four to six weeks and Oberto said it will enable the brand to continue its growth into the future.
Founded in 1918, Oberto is one of North America’s leading manufacturers of beef jerky and other protein-based snack foods and is headquartered in Kent, Washington.
The family-owned company employs close to 500 people and its brands include Oberto, Pacific Gold, Pacific Gold Reserve, Lowrey’s and Cattleman’s Cut.
Premium Brands CEO George Paleologou said: “This transaction will create a leading North American platform in the rapidly growing meat snacks product category and will feature Canada’s top meat snack brands, including McSweeney’s, Grimm’s, Freybe, Piller’s and Harvest, as well as Oberto’s iconic family of brands and our fast emerging US based Hempler’s brand. I have no doubt that both Oberto and our legacy businesses will benefit from each other’s respective strengths.
Brands owned by Oberto include Pacific Gold, Pacific Gold Reserve, Lowrey’s and Cattleman’s Cut.
“Oberto will be our third major investment in Washington State. Our two prior ones: sandwich maker SK Food Group and premium processed meats producer Hempler Foods Group have both prospered under the Premium Brands umbrella with their combined sales growing from under $130 million in 2011 to over $560 million last year. We fully expect Oberto to replicate this type of success by combining its current strengths with access to our various resources.”
Oberto CEO Tom Hernquist added: “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.
“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.”
Source: FoodBev
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