Image: Facebook/Oberto Beef Jerky

Premium Brands buys century-old snack maker Oberto Sausage Company

The 100-year-old beef jerky company sold to Premium Brands by founding Oberto family

Premium Brands Holdings Corp. will expand its portfolio of specialty meats products with the acquisition of Seattle-based Oberto Sausage Company, a 100-year-old family-run business.

Oberto produces beef jerky and other snack foods under various brands including Oberto and Cattleman’s Cut.

The business was founded in 1918 by Constantino Oberto and later led by Constantino’s son Art Oberto, who still owns it, along with other family members.

Art Oberto said in a joint statement issued by the two companies that it was a difficult decision to sell the family-owned and operated business but he has been impressed with other companies have done under the Premium Brands umbrella.

The transaction, announced the Thursday, is expected to close within four to six weeks — subject to regulatory approvals.

Premium didn’t disclose the price of Oberto alone but did say it’s spending a total of $237 million for it and an increased stake in Vancouver-based McLean Meats Inc., which makes preservative-free and organic processed meats.

In conjunction with the acquisitions, a syndicate of underwriters has agreed to pay $150 million for about 1.3 million subscription receipts, issued by Premium, to be offered in Canada to investors. Each subscription receipt provides the right to receive one Premium Brand share, plus applicable dividend, once the Oberto deal closes.

Companies in this story: (TSX:PBH)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Port Alberni RCMP recover stolen tool chest

Police still searching for the rightful owner

Kuu-us Crisis Service celebrates 25th anniversary

Port Alberni-based business sets sights on national realm

Vehicle fire extinguished near Cathedral Grove

Fire shut down Highway 4 in both directions

McLean Mill’s steam engine done for the season

McLean Mill Society to consult with community about future of steam

Great Central Lake resort owners jump in to fight nearby wildfire

Marleys put repurposed firetruck to good use during B.C. Day fire

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

Police chiefs call for stricter controls on pill presses to fight opioids

Canada’s police chiefs are urging Ottawa to beef up its fight against the opioid scourge by closely vetting people who import pill presses

Victoria police say explicit calls continue to target women

Over 50 reports of unwanted, sexually explicit calls have come in

Four-hour ferry delay on Buckley Bay-Denman Island route

BC Ferries reported the cable ferry is experiencing issues with the head shieve.

‘It’s like a party in your mouth’

B.C. creator’s Milkshake Burger makes its debut at the PNE

Vehicle catches fire near Vancouver Island provincial park

Fire shut down Highway 4 in both directions

VIDEO: Y2K Spitfire arrives in Comox

Pilot Dave Hadfield flew the warbird while local legend, Stocky Edwards, marshalled him in

Most Read