Premium Brands Holdings acquires Island City Baking, Conte Foods, Larosa Fine Foods
The new combined business will position Premium Brands in a fast-growing, niche segment of the specialty food space.
Premium Brands Holdings Corp., a Canada-based producer, marketer and distributor of branded specialty food products, acquired Island City Baking, its affiliate Conte Foods and Larosa Fine Foods.
Canada-based Island City Baking produces fresh and frozen artisan breads out of a modern 45,000-square-foot production facility, servicing retail and foodservice customers across southern British Columbia, Canada.
Conte Foods is a Canada-based distributor of a variety of specialty food products, including items imported from various parts of Europe and fresh pasta produced at its new 16,000-square-foot facility in Burnaby, British Columbia, Canada. On a combined basis, Island City and Conte Foods maintain annual sales of approximately $20 million.
"We are very pleased to welcome Carmelo De Luca, president of Island City; An Nguyen, senior vice president of operations of Island City; and the rest of their team to Premium Brands," says George Paleologou, president and CEO of Premium Brands. "Both Island City and Conte Foods have built strong reputations for manufacturing great high-quality products and providing exceptional service to their customers. Furthermore, the dynamic and entrepreneurial cultures that Carmelo and An have developed at Island City and Conte Foods make these businesses a perfect fit with Premium Brands."
In a separate transaction, Premium Brands also acquired Larosa Fine Foods, a Vancouver, British Columbia, Canada-based manufacturer and wholesaler of a variety of specialty Italian products. Larosa will be moving its operations into Conte Foods' Burnaby facility.
"We are very excited about the opportunities that will result from the merger of Conte Foods and Lasosa," says Paleologou. "The new combined business, which will be under the leadership of Carmelo De Luca, will position us well in a fast-growing, niche segment of the specialty food space. Furthermore, we expect to accelerate its growth by enabling it to leverage Premium Brands' resources, including our extensive sales and marketing infrastructure in Canada and the U.S."
"Both An and I are very excited about joining Premium Brands," adds De Luca. "We have followed the company for many years, and have no doubt that it is the right partner for Island City and Conte Foods and that it will help us take both businesses to the next level in their development. We also take great comfort in knowing that Premium Brands has a reputation for being a respectful and supportive acquirer and that our employees are in good hands."
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