Premium Brands has built a new $300-million treasure chest to go shopping for more companies.
It has been an aggressive buyer of meat-packing companies, including Belmont in Toronto and Piller’s Sausages and Delicatessens in Waterloo.
It announced plans to issue $120 million in new shares through one financing pact, to raise another $150 million in convertible debt and to complete a private placement of common shares to bring in $30 million.
What it doesn’t use for buying companies it will use for “general corporate purposes,” the company announced in a news release.
Among its many brand names are Concord Premium Meats (antibiotic-free chicken), Yorkshire Valley Farms (organic poultry), Harvest Meats, Belmont Meats, Piller’s and Insernio’s and Freybe specialty deli products, and McSweeney’s and Made Rite meat snacks and jerky.
It supplies sandwiches to Starbucks.
