VANCOUVER, BC. — Premium Brands Holdings Corp., a producer, marketer and distributor of branded specialty food products throughout the United States, Canada and Italy, is broadening its portfolio with two acquisitions.

First, Premium Brands announced it has acquired Richmond, BC-based Global Gourmet Foods Inc., one of Canada's leading providers of ready-to-eat kettle-cooked food solutions, including protein-based fillings, specialty sauces, soup bases and side dishes. Global Gourmet supplies to retailers and restaurants in Canada and internationally.

“The combination of Global Gourmet with our existing Gourmet Chef business will position us as the leading player in a high-growth niche market that is benefiting from a number of long-term sustainable trends,” said George Paleologou, president and chief executive officer of Premium Brands. “We are also very pleased to be partnering with Global Gourmet’s leader, Richard Breakell, who has been a key driver of its growth in recent years. Going forward, Richard will lead the combined operations of Global Gourmet and Gourmet Chef.”

Second, Premium Brands has agreed to acquire Etobicoke, Ont.-based Allseas Fisheries Inc., a distributor of fresh and frozen seafood to retail, foodservice and wholesale customers in Ontario.

Premium Brands said the Allseas transaction is expected to close in four to eight weeks and is subject to customary closing conditions including the approval of the Canadian Competition Bureau.

“Allseas will further strengthen our national seafood platform and help position us as Ontario's leading seafood distributor,” Mr. Paleologou said. “We are also looking forward to working with Allseas’ very talented, experienced and highly respected management team to capture cost synergies and improve the depth and scope of the seafood products that Allseas and our other seafood businesses can offer to their respective diverse base of customers.”

Premium Brands said the combined purchase price for Global Gourmet and Allseas is approximately $139 million, consisting of $115 million in cash, $10 million in Premium Brands common shares and up to $14 million in contingent consideration. The combined revenues of the two businesses is approximately $204 million, and both transactions are expected to be immediately accretive to Premium Brands' earnings per share and free cash flow per share on an annual basis, the company said.

“We are very excited to be once again resuming our acquisition strategy,” Mr. Paleologou said. “Our pipeline of opportunities is as full as it has ever been, and we look forward to making more announcements as the year progresses.”