Premium Brands Income Fund has bought a minority interestin S. J. Irvine Fine Foods of Saskatoon.
The deal is worth $2.5 million and there is an agreement whereby Premium will be able to increase its ownership over time.
S. J. Irvine produces processed meats for the food service and retail industry at its one-year-old Saskatoon plant.
George Paleologou, president of Premium Brands, said in a news release the acquisition gives the company the capacity to expand its Grimm’s and Harvest product lines. Irvine’s management group will stay on.
Stu Irvine, head of S. J. Irvine Fine Foods, said his company will benefit from Premium’s global procurement initiatives, information systems expertise and distribution channels.
Premium Brands lineup includes Grimm’s, Harvest, McSweeney’s, Bread Garden and Hempler’s.
