Premium Brands Holdings Corporation, a portfolio company of Canadian private equity firm Pender West Capital Partners, has purchased Interprovincial Meats, a Dartmouth, Nova Scotia-based trader and distributor of beef, poultry and pork.
The acquisition helps Premium Brands expand its meat distribution operations throughout Eastern Canada, which is the region Interprovincial Meats caters to, according to Generational Equity, an advisor on the deal.
Pender West Capital Partners first invested in Premium Brands in 2005. The firm declined to comment, but according to its website it targets initial equity investments up to $10 million and companies with $2-$6 million EBITDA.
Premium Brands has grown well beyond those parameters. The acquisition comes on the heels of record Q4 results; revenue increased 31 percent to $532.6 million compared with Q4 2015, while EBITDA was up 44.8 percent to $45.6 million.
Premium Brands owns a range of leading specialty food manufacturing and distribution businesses with operations in Canada and the US. Recent portfolio company investments include the purchase of Island City Baking and its affiliate Conte Foods for $20.3 million, and the acquisition of Diana’s Seafood for an undisclosed price.
The sale price of the Interprovincial Meats deal could not be learned by press time. Premium Brands did not respond to requests for comment, while Pender West and Generational Equity declined to comment.