Premium Brands Holdings Corp., Canada, announced plans to acquire a 62.6% interest in Yorkshire Valley Farms Ltd., an Ontario, Canada-based processor and marketer of organic chicken products.
Yorkshire, which has annualized sales of approximately $65 million, operates a modern 40,000-square-foot processing facility in Harriston, Ontario.
"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," says George Paleologou, president and CEO of Premium Brands. "Organic protein products are growing faster than the overall category in both Canada and the U.S. 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 specialty value-added proteins."
"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," says James Sculthorpe, president and CEO of Yorkshire. "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."
"We are very proud of what we have accomplished over the last eight years, and have no doubt that Premium Brands is the right partner to help us continue our legacy of raising and producing high-quality chicken in Canada," says Tony Ambler, co-founder and chairman of Yorkshire.
"We wanted to find a partner that would not only help to take Yorkshire to the next stage in its development, but would also honor our employees, who are at the core of our success," says Tom Ahrens, co-founder and director of Yorkshire. "I am confident that Premium Brands is that partner."