Premium Brands acquires Diana’s Seafood

Speciality food producer, marketer and distributor Premium Brands has acquired a 100% interest in Canada-based Diana's Seafood (Diana's).

Diana's is a supplier of fresh and frozen seafood products to retail and foodservice customers in the Greater Toronto Area. 

Premium Brands president and CEO George Paleologou said:"This platform, which has grown from virtually no sales in 2007 to over $135m in projected sales for 2016, is benefiting from a number of consumer trends, including increased consumer awareness of the health benefits associated with a seafood rich diet and Canada's changing demographics, both in terms of age and ethnic mix."

Diana's president and CEO Diana Cicirello said: "We have chosen to partner with them based on their reputation as a long-term and respectful investor in food businesses and are very excited about our future together."

Diana's transaction is Seafood Group's fifth acquisition and enables it to move one step closer to its objective of building Canada's only national seafood distribution network.

Founded by Diana and Nino Cicirello in 1998, Diana's has annual sales of approximately $18m.

Premium Brands owns a wide range of specialty food manufacturing and differentiated food distribution businesses with operations in North America.