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Premium Brands to buy Ready Seafood

Canadian specialty food manufacturer and distributor Premium Brands Holdings Corp. said Sept. 4 that it agreed to acquire U.S.-based lobster processor and distributor Ready Seafood Co. for an undisclosed sum.

Premium Brands said the move will support the growth of its seafood business. President and CEO George Paleologou said in a statement that acquiring the Maine lobster company would provide "proprietary access to a sustainable resource whose global demand is rapidly growing."

Premium Brands expects to close the deal within the next four weeks, subject to customary closing conditions. The company expects the transaction to be immediately accretive to its EPS and free cash flow per share for 2018.

Bigelow LLC acted as financial adviser to Ready Seafood.