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

Parksville seniors getting stronger with age

Weightlifting couple qualify to compete at Worlds Masters in Montreal in August

Camera captures cougar lurking in Parksville’s Foster Park neighbourhood

Resident shared photo to alert others to big cat’s presence

RDN tipping fees set to go up in July

The Regional District of Nanaimo is set to increase tipping fees at… Continue reading

Ballenas Whalers girls are crazy about rugby

Program has attracted close to 60 girls this season

Defiant vigil starts healing in New Zealand after massacre

Police say the gunman in the shooting that killed 50 acted alone

Manhunt launched after shooting on Dutch tram wounds many, kills 1

Police are considering the possibility of terrorism as a motive

Facebook announces changes to political advertising to meet new federal rules

Bill C-76 bans the use of money from foreign entities to conduct partisan campaigns

Travel expected to be slowed by fallout from fire at Toronto’s Pearson airport

All U.S.-bound flights from Terminal 1 were cancelled Sunday night after the fire broke out near a security checkpoint

Trudeau fills vacancy in cabinet with B.C. MP Joyce Murray

Murray, 64, was elected in 2008 and served previously as a minister in B.C.’s provincial government

Leivo nets shootout winner as Canucks edge Stars 3-2

Schaller scores first 2 goals of season for Vancouver

Courtenay home a ‘writeoff’ after Sunday afternoon fire

Two occupants and one of a neighbouring home treated for minor smoke inhalation

UBC study shows honey bees can help monitor pollution in cities

Scientists analyzed beehives in high density urban areas to those off on Galiano Island

Most Read