Premium Brands to launch fish processing plant, buys seafood business
Premium Brands Holdings Corp. (TSX:PBH) announced January 24 that it will open a new seafood processing facility in Richmond and operate it under the brand name C2C Premium Seafood.
The move coincides with the company buying assets from Harbour Marine Products Inc. including its salmon and high-grade tuna sushi processing business for $1.35 million. Harbour Marine is in receivership.
Acquiring assets and buying companies has been Premium Brands’ growth strategy for the past decade.
Premium’s CEO George Paleologou has been involved in more than 40 of the company’s acquisitions during his time in different posts at the company.
“The purchased Harbour Marine businesses, which generate annual sales of approximately $10 million, and the associated assets and skilled employees will be moved to our new Richmond seafood processing facility,” Paleologou said. “This will not only provide the new facility with immediate critical mass but will also position us as one of the leading processors of sushi grade tuna on the west coast of Canada and the U.S.
“In addition, it will provide our Centennial Foodservice distribution business with proprietary access to very high quality tuna and wild salmon products.”