KENT, Wash. -- Meat-snack manufacturer Oberto Brands has reached a definitive agreement to sell substantially all of its assets and operating divisions to Premium Brands Holdings, the company announced April 12.
Kent, Wash.-based Oberto said the transaction is expected to close within the next four to six weeks, subject to customary closing conditions, and it will enable the company to continue growing in the future. Oberto's headquarters will remain in Kent.
Founded in 1918, Oberto is one of North America’s leading manufacturers of beef jerky and other protein-based snack foods, including brands such as Oberto, Pacific Gold, Pacific Gold Reserve, Lowrey’s and Cattleman’s Cut. The family-owned company employs almost 500 people.
“We are very proud of the many accomplishments we have achieved over the past 100 years as a family-owned and -operated business. Transitions are always difficult, but we are confident this transaction will best position Oberto for future success,” said Art Oberto, chairman emeritus of Oberto. “Premium Brands is the right partner to take us forward and strengthen the legacy built by our family.”
Tom Hernquist, president and CEO of Oberto, said, “Premium Brands’ entrepreneurial culture and respect for the uniqueness of its individual businesses, combined with its focus on quality, innovation and long-term decision-making, are perfect fits for our business.”
Premium Brands Holdings is a Canadian specialty food manufacturing and distribution company, with U.S. operations in Arizona, Minnesota, Mississippi, Nevada, Ohio and Washington.
“Oberto’s values, culture, loyal employees and talented management team are an ideal fit for us,” said George Paleologou, president and CEO of Premium Brands. “We have followed and admired the Oberto brand for many years.”
Oberto was advised by Cody Peak Advisors and Perkins Coie LLP in the transaction.