Premium Holdings acquires B.C.’s Rocky Mountain Flatbread
By Canadian PizzaNews Business and Operations Finance
Vancouver – Premium Brands Holdings Corporation has acquired Rocky Mountain Flatbread, a B.C.-based artisan pizza business and other food businesses.
The producer, marketer and distributor of branded specialty food products also acquired Beechgrove Country Foods, an Ontario based manufacturer of dry cured and cooked protein products; Leonetti’s Frozen Foods, a Pennsylvania based manufacturer of premium handheld enrobed sandwiches; and increased its ownership position in California-based artisan breads manufacturer Shaw Bakers from 50 per cent to 73.72 per cent.
The company recently announced its results for the fourth quarter of 2021. It recorded fourth-quarter revenue of $1.35 billion representing a 27.4 per cent, or $289.2 million, increase as compared to the fourth quarter of 2020. It had a record fourth quarter adjusted EBITDA1 of $113.4 million representing a 29.3 per cent, or $25.7 million, increase as compared to the fourth quarter of 2020.
While conditions in many of the Company’s selling channels have returned to normal, its customers in the airline and cruise line channels, as well as in certain segments of the food-service channel, continue to be impacted by pandemic related challenges.
Premium Holdings issued its sales and adjusted EBITDA guidance for 2022 with its sales expected to be in the range of $5.60 billion to $5.85 billion and its adjusted EBITDA1 to be in the range of $510 million and $530 million.
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