Premium Brands Holdings Corp., a Canadian specialty food products company, has acquired California-based Raybern Foods, a maker of specialty sandwiches for the U.S. retail market.
The sellers included TSG Consumer Partners.
Premium also acquired Minnesota-based Buddy’s Kitchen Inc., a maker of sandwiches and other prepared meal solutions and a 50 percent stake in California-based Shaw Bakers, a producer of artisan breads and pastries.
The combined price of these acquisitions were $156.5 million. Premium Brands is backed by Pender West Capital Partners.
On a combined basis Buddy’s, Raybern’s and Shaw Bakers have annual sales of about $115 million
Raybern’s is a leading manufacturer of branded specialty sandwiches for the U.S. retail market and operates a modern 146,000 square foot facility at the Tupelo Lee Industrial Park South in Shannon. The company moved production to Shannon in 2015 and makes more than 35 million sandwiches a year. It employs more than 300 people at the facility. Raybern’s of authentic handheld products includes the No. 1 selling Philly Cheesesteak sandwich in the U.S. as well as a wide variety of other frozen and refrigerated sandwiches and wraps.
“Buddy’s and Raybern’s greatly complement our existing businesses as well as each other,” said Steve Sposari, President of Premium Brands’ North American Sandwich Group. “With Buddy’s we gain a new line of unique and innovative products, a very flexible production platform with excess capacity and significantly improved access to the U.S. convenience store and airline segments. Raybern’s provides us with one of the leading premium sandwich brands in the U.S. and will enable us to further strengthen and expand our reach in the U.S. retail channel.
“I have admired both companies for many years and I am honored to have the opportunity to work with their respective talented management teams,” added Sposari. Also, I know all three teams are very excited about working together to leverage each other’s strengths, as well as Premium Brands’ resources, to strengthen their respective businesses,” said Mr. Sposari.
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Nevada, Ohio, Arizona, Minnesota, Mississippi and Washington State. The Company services a diverse base of customers located across North America and its family of brands and businesses include Grimm’s, Harvest, McSweeney’s, Piller’s, Freybe, SJ Fine Foods, Expresco, Belmont Meats, Leadbetter, Skilcor, Hempler’s, Isernio’s, Fletcher’s U.S., Direct Plus, Audrey’s, SK Food Group, OvenPride, Bread Garden Go, Hygaard, Quality Fast Foods, Deli Chef, Buddy’s Kitchen, Raybern’s, Creekside Bakehouse, Stuyver’s Bakestudio, Island City Baking, Shaw Bakers, Partners Crackers, Conte Foods, Larosa Foods, Gourmet Chef, Duso’s, Centennial Foodservice, B&C Food Distributors, Shahir, Wescadia, Harlan Fairbanks, Maximum Seafood, Ocean Miracle, Hub City Fisheries, Diana’s Seafood, C&C Packing, Premier Meats and Interprovincial Meat Sales.