VANCOUVER, BC, Jan. 25, 2021 /CNW/ - Premium Brands
Holdings Corporation ("Premium Brands" or the "Company") (TSX: PBH)
and a coalition of Mi'kmaq First Nations (the "Participating
Communities") are pleased to announce the successful completion of
the previously announced acquisition of Clearwater Seafoods
Incorporated ("Clearwater"). Pursuant to the previously announced
plan of arrangement under the Canada Business Corporations
Act, Premium Brands and the Participating Communities, through
a subsidiary owned 50% by each of Premium Brands and the
Participating Communities, acquired all of the issued and
outstanding common shares of Clearwater (the "Shares") at a price
of $8.25 per Share in a transaction
valued at approximately $1 billion,
including debt.
"We are very excited to have a world class seafood company like
Clearwater join our
ecosystem. The combination of its best-in-class management
team, differentiated products and world renowned reputation for
quality with our value-add expertise, brand development
capabilities and extensive customer relationships in North America will strengthen Clearwater's business and position it to
accelerate its growth," said George
Paleologou, President and CEO of Premium Brands. "We are
also very pleased to be partnering with the Membertou, Miawpukek, Sipekne'katik,
We'koqma'q, Potlotek, Pictou
Landing and Paqtnkek communities. We all share a common
long-term vision for Clearwater
and its continuing development as a global leader in premium
seafood," added Mr. Paleologou.
"This is a significant achievement for the Mi'kmaq," said Chief
Terry Paul, Membertou First Nation.
"Mi'kmaq not only become 50% owners of the company but expect to
hold Clearwater's Canadian fishing
licences within a fully Mi'kmaq owned partnership. This collective
investment by First Nations in Clearwater represents the single largest
investment in the seafood industry by any Indigenous group in
Canada and transforms our
participation in the commercial fishing sector providing more
opportunities and prosperity for our communities," added Chief
Terry Paul.
"We are delighted to be working with Premium Brands and the
Mi'kmaq to continue to grow and strengthen our business while
preserving our culture and community presence," said Ian Smith, President and CEO of Clearwater. "This partnership positions us to
continue building on the legacy of our founders, Colin MacDonald and John
Risley, while we embark on the next chapter of a remarkable
Atlantic Canadian success story" added Mr. Smith.
About Premium Brands
Premium Brands owns a broad range of leading specialty food
manufacturing and differentiated food distribution businesses with
operations across Canada,
the United States and Italy.
www.premiumbrandsholdings.com
About the Participating Communities
The Participating Communities, led by Membertou and Miawpukek, also include
Sipekne'katik, We'koqma'q, Potlotek, Pictou Landing and Paqtnkek. The collective
investment of the Participating Communities in Clearwater represents the single largest
investment in the seafood industry by any Indigenous group in
Canada. Given the importance of
this investment opportunity to the future prosperity of Mi'kmaq
communities, all First Nations in Nova
Scotia along with Miawpukek from Newfoundland and Labrador were provided the opportunity to
participate in the collective investment. While the
Participating Communities will continue to advance implementation
of Treaty Rights with the government of Canada, commercial investments in the seafood
sector are a strategic investment to advance the prosperity of the
Participating Communities, and position them as equal participants
in the commercial economy. The impact of this transformational
investment will be felt across Mi'kmaq communities in Nova Scotia and Newfoundland and Labrador for generations to come.
SOURCE Premium Brands Holdings Corporation