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Premium Brands buys Toronto-based Diana’s Seafood

The purchase of the fresh and frozen seafood supplier follows Premium Brands' $20.3 million acquisition of Island City Baking and its affiliate Conte Foods earlier this month.

Premium Brands Holdings Corporation, a portfolio investment of Canadian private equity firm Pender West Capital Partners, has acquired a 100 percent interest in Toronto’s Diana’s Seafood.

The purchase of the fresh and frozen seafood supplier follows Premium Brands’ $20.3 million acquisition of Island City Baking and its affiliate Conte Foods earlier this month.

George Paleologou, president and CEO of Premium Brands, said in a statement that the Diana’s transaction is the Seafood Group’s fifth acquisition and will help create a “national seafood distribution network”.

Diana’s has annual sales of approximately $18 million, according to the statement. And the company expects over $135 million in projected sales for 2016 for the total seafood group.

Paleologou added that the acquisition create additional sales opportunities for its new Ontario foodservice expansion initiative, scheduled to begin operations in mid-2017. The Ontario facilities will help Diana’s — which has been constrained by warehouse capacity limitations in recent years — expand its foodservice distribution business, he said.

The financial details of the deal were not disclosed and Paleologou did not return calls seeking additional comment.

Vancouver-based Premium Brands has been a portfolio investment of Canadian private equity firm Pender West Capital Partners since 2005. Pender West has $150 million in assets under management and manages five other portfolio investments. The firm’s initial target equity investments go up to $10 million, targeting long-term, five to 15 year investments, according to a its corporate overview.