Belmont Meats Products has been purchased for $50 million by Premium Brands Holdings Corp.
Belmont is a privately owned Toronto-based company that provides beef burger patties and other products to restaurants and retailers including supermarkets, warehouse stores and specialty frozen-food outlets.
It recently celebrated the 50th anniversary of its founding in 1966, with annual sales of about $120 million.
Premium Brands is a Vancouver-based company that produces specialty meat products. It paid $49.2 million cash for Belmont plus shares worth $800,000.
In March, Premium Brands announced it would acquire Montreal-based C&C Packing—a supplier of fresh and frozen meal to retailers and food distributors in central and Eastern Canada.
At the time, Premium Brands CEO George Paleologou said the acquisition will enable the company to create a national platform complementing its meat distribution initiatives in Western Canada.
The company has operations in six provinces from British Columbia to Quebec and four states.