Premium Brands has continued its North American expansion efforts by acquiring a 62.6% stake in Ontario-based organic chicken processor Yorkshire Valley Farms for an undisclosed fee.
Yorkshire Valley Farms is one of Canada’s largest producers of organic fresh and frozen chicken products, which are predominantly sold under its Yorkshire Valley Farms brand in Canada.
The company operates a 40,000 square foot processing facility in Harriston, Ontario, and has annual sales of approximately CAD 65 million ($50 million).
George Paleologou, president and CEO of Premium Brands said: “We are delighted to be partnering with Yorkshire. Not only are we gaining another very talented management team, who over a relatively short period established Yorkshire as a leading player in the Canadian organic chicken market, but we are also expanding into a new and exciting high growth product category.
“Organic protein products are growing faster than the overall category in both Canada and the US. This transaction, which combines the unique strengths of Yorkshire with our wide range of resources and capabilities, strongly positions Yorkshire to accelerate its growth in this rapidly expanding market segment.
“Furthermore, Yorkshire will provide our other branded protein businesses with proprietary access to a relatively scarce resource as they continue to extend their leading position in premium, artisan and speciality value-added proteins.”
James Sculthorpe, president and CEO of Yorkshire Valley Farms added: “We chose to partner with Premium Brands based on their solid reputation as a supportive long-term investor that respects the unique cultures and values of the businesses they invest in.
“We are very much looking forward to a great future together and to leveraging Premium Brands various resources to strengthen our business and accelerate our growth.”
This investment is the latest move by Premium Brands to strengthen its position in the North American meat market, following a number of acquisitions over the last year.
In September 2017, Premium Brands agreed deals to acquire both Ontario-based meat company Leadbetter and pork rib producer Skilcor Food, both for undisclosed sums.
The company then built upon these acquisitions by purchasing US meat snack manufacturer Oberto Brands in order to increase its snacking portfolio.
By Martin White
Source: FoodBev
After eight years with Nestlé, François-Xavier Roger, executive vice president and chief financial officer (CFO), has decided to leave the company to pursue new professional challenges, making way for finance boss Anna Manz. Meanwhile, Unilever announced that Graeme Pitkethly, CFO, will retire by the end of May 2024, and the hunt is on for his successor.
International spirits company Bacardi Limited has announced the appointment of Alicia Enciso to its board of directors. Enciso joins with more than 30 years of experience with multinational Fortune 100 Companies in the food and beverage sector with roles as general manager, president, chief marketing officer and e-business officer.
According to Innova Market Insights, when it comes to beverages, consumers are willing to pay more for what they value most, despite rising inflation. Additionally, consumers want brands that respond to their core values and have the benefits they seek, such as sustainability and functional ingredients.
