CANADA, Richmond. Premium Brands Holdings Corp. has reached agreement to acquire the assets and operating divisions of Oberto Brands, the Kent, Washington-based manufacturer of beef jerky. Financial terms were not disclosed.
Founded in 1918, Oberto Brands markets meat snacks under the Oberto, Pacific Gold, Lowrey's and Cattleman's Cut brands.
"We are very proud of the many accomplishments we have achieved over the past 100 years as a family-owned and operated business," said Art Oberto, chairman emeritus of Oberto. "Transitions are always difficult, but we are confident this transaction will best position Oberto for future success. Premium Brands is the right partner to take us forward and strengthen the legacy built by our family."
Premium Brands owns a broad range of specialty food manufacturing and distribution businesses with operations in the United States and Canada. Its family of brands and businesses includes SK Food Group, Raybern's, Buddy's Kitchen and Belmont Meats, among many others.
"This transaction will create a leading North American platform in the rapidly growing meat snacks product category and will feature Canada’s top meat snack brands, including McSweeney’s, Grimm’s, Freybe, Piller’s and Harvest, as well as Oberto’s iconic family of brands and our fast emerging, US based Hempler’s brand," said George Paleologou, president and chief executive officer of Premium Brands. "I have no doubt that both Oberto and our legacy businesses will benefit from each other’s respective strengths."
The transaction is expected to close within the next four to six weeks and remains subject to customary closing conditions including regulatory approvals. Upon completion of the deal, Oberto Brands will retain its headquarters in Kent.
“We are very excited to be joining the Premium Brands group," said Tom Hernquist, CEO of Oberto. "Its entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision-making makes Premium Brands a perfect fit for our business. Furthermore, we are also very excited about accelerating the growth of our business by accessing the resources and abilities of Premium Brands, including its Canadian distribution channels, product development expertise and supply chain infrastructure."