Belmont Meats Products acquired by Premium Brands for $50 million

VANCOUVER – Belmont Meats Products Ltd. has been purchased for $50 million by Premium Brands Holdings Corp. (TSX: PBH).

Belmont is a privately owned Toronto-based company that provides beef burger patties and other products to restaurants and retailers including supermarkets, warehouse stores and specialty frozen-food outlets.

It recently celebrated the 50th anniversary of its founding in 1966, with annual sales of about $120 million.

Premium Brands is a Vancouver-based company that produces specialty meat products. It paid $49.2 million cash for Belmont plus shares worth $800,000.

The company has operations in six provinces from British Columbia to Quebec and four states.