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

Central Alberta dancers ‘shimmy’ for a great cause

Shimmy Mob will take place in more than 169 locations all over the world

Johnny 2 Fingers and the Deformities play The Vat April 27th

Moose Jaw band is on a 39-day national tour from Quebec City to Vancouver

Council highlights

Council to fund Rimbey Boys and Girls Club for $15,000

WATCH: Second annual Our Best To You Craft Sale on now

Red Deerians can expect over 150 artisans, makers and designers

Red Deer RCMP look for James Holley on warrants

Holley is believed to be in possession of firearms

WATCH: ‘Battle of the Badges’ event raises money for Humboldt Broncos

Red Deerians get together at charity hockey tournament April 20th at Servus Arena

Trump says North Korea agreed to denuclearize. It hasn’t.

Trump is claiming that North Korea has agreed to “denuclearization” before his potential meeting with Kim, but that’s not the case.

Suspect in deadly Waffle House shooting still being sought

Police say Travis Reinking is the suspect in a shooting at a Waffle House restaurant Sunday in Nashville that left four people dead.

G7 warned of Russian threats to western democracy

Ukraine foreign minister Pavlo Klimkin warns G7 of Russian war against Western democracy

Royal baby: It’s a boy for Kate and William

The Duchess of Cambridge has given birth to her third child, a boy weighing 8 pounds, 7 ounces.

‘When everybody leaves: Counselling key to help Humboldt move on after bus crash

Dealing with life after a tragedy can be the worst part following a loss

Half-naked shooter guns down four, runs away in Nashville Waffle House shooting

Nashville police say they are looking for Travis Reinking in connection with the shooting

Child’s body found in river downstream from where boy went missing during flood

Three-year-old Kaden Young was swept out of his mother’s arms in February

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

Most Read