Premium Brands Holdings Corp. (TSX:PBH) announced yesterday record revenue in 2010, totalling $535.2 million compared with $462.8 million in 2009.
Of the $72.5 million increase in revenue, $60.6 million came from its acquisitions; the $11.9 million remainder came from organic growth.
With operations in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Washington state and Nevada, Premium Brands owns a broad range of specialty food manufacturing and differentiated food distribution businesses.
The company serves more than 26,000 customers, and its family of brands and businesses include Grimm’s, McSweeney’s and Bread Garden Express.
Premium Brands this year acquired Seattle-based SK Food Group Inc., a manufacturer of artisan sandwiches and wraps, and Duso’s Fine Foods, a Vancouver-based Italian deli company.
Retail revenue for 2010 increased by $30.5 million, or 14%, compared with 2009. This was primarily due to the acquisitions of Duso’s and SK Food Group, which accounted for $22 million of the increase. The company also completed the acquisition of South Seas, Maximum Seafood and Nanaimo-based Hub City Fisheries, which resulted in $17.9 million in incremental sales.
George Paleologou, Premium Brands president and CEO, said, “Looking forward, we are very well positioned for long-term sustainable growth with all of our business platforms, including our newer seafood and ethnic food platforms, capitalizing on a current and emerging consumer trends.”