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Provider: Reuters Investment Profile
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Provider: Reuters Investment Profile
£10.00

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Premium Brands Holdings Corp Announces Acquisition of Freybe Gourmet Foods


Monday, 25 Mar 2013 

Premium Brands Holdings Corp announced that it has signed a definitive agreement to purchase Freybe Gourmet Foods Ltd. Freybe is one of western Canada's manufacturers of premium gourmet deli meats with annual sales of approximately $78 million and a 118,000 square foot production facility located in Langley, BC. It is owned and operated by the Freybe family who founded it in 1844. The purchase is expected to close shortly and is subject only to customary closing conditions. Taluswood Capital Inc. acted as financial advisor to Freybe for this transaction. The purchase price under the terms of the transaction is $55.0 million. This amount will be reduced to the extent that Premium Brands assumes any funded debt and is also subject to adjustment if Freybe's net working capital at closing is above or below a defined normalized level. In addition, the purchase price will be increased by up to $1.25 million per year for each of the next four years if Freybe is able to achieve certain performance targets. Premium Brands will fund the transaction through draws on its senior credit facilities. In conjunction with the transaction, Premium Brands negotiated a $15.0 million increase in the credit available under these facilities. 

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29 Jul 2014