1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o? As of early last fall, Premium Brands had five sandwich plants: two small ones in Canada, in Montreal and Edmonton, and three much larger factories, in Columbus (Ohio), Reno (Nevada) and Phoenix. Unauthorized distribution, transmission or republication strictly prohibited. Think again. [5] Partly as a result of increased sales of these products, … Paleologou expects to make a decision on construction of the company’s next U.S. sandwich plant by the end of the year. The company’s net debt almost tripled in five years to $365.7 million at the end of the first quarter, according to data compiled by Bloomberg. Read more about cookies here. Interprovincial Meat Sales (Dartmouth, N.S.) We encountered an issue signing you up. Please try again. Interactive chart of historical net worth (market cap) for Starbucks (SBUX) over the last 10 years. Premium Brands Holdings Corp.’s sales of grab-and-go breakfast sandwiches and wraps for Starbucks Corp. are helping make it North America’s fastest-growing … Its 25 per cent annual sales-growth rate in the past five years was the fastest among its North American food peers, data compiled by Bloomberg show. Comments may take up to an hour for moderation before appearing on the site. In July 2015, Nadal resigned, and MDC shares later declined to below $10 (U.S.). Paleologou says he expects to hit $1 billion in sales in the category within five years. Premium Brands Holdings Corporation. Investment analysts who track Premium Brands are mostly bullish, and much of that optimism is based on Starbucks and the surging North American demand for food on the go. Pointing to the increase from 78 cents in 2004 to $4.56 in 2017, he gushes: "That's tremendous. The company was earning small but consistent profits, and its long-term debt was a modest $211 million. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. "At one point in my career, I met with a fellow who was running a business in the U.S. but used to manage the cheese division of a large multinational company," he says. A welcome email is on its way. By the end of fiscal 2022, Starbucks will … Across the Canada–U.S. "That was the beginning of my passion for food.". In early 2015, news stories noted that Starbucks' sales of grab-and-go breakfast sandwiches were soaring, and Premium Brands was one of its leading suppliers. Sitting in his office in suburban Richmond, British Columbia, in a neat, open-collared checked shirt and the executive's de rigueur partially clear-rimmed glasses, Paleologou is unfailingly, almost obsessively modest. Wescadia (Richmond, B.C. Paleologou has also avoided mistakes that another ill-fated rollup, Toronto-based MDC Partners Inc., made as it bought up dozens of firms in the advertising and communications sector. Premium Brands Holdings … Gourmet Chef (Langley, B.C.) 52 weeks ended December … Erin Jane Schaeffer, a Starbucks spokeswoman, declined to comment on Premium Brands, citing a policy against discussing individual vendor relationships. For more information, please visit Starbucks … "I loved it," Paleologou says enthusiastically, adding that the wages later helped fund his business administration degree at Simon Fraser University. Consumers may not be familiar with Premium Brands' corporate name, but you almost certainly have bitten into some of the offerings of its 41 (and counting) major brands—especially if you've reached for packaged deli meat, bacon, cooked kebabs, jerky, burger patties or meat snacks. "Ultimately," he says, drumming his desk with his finger for emphasis, "we're only as good as the person on the line.". Thank you for your patience. More and more North Americans are now grabbing breakfast sandwiches on the go, and when Premium Brands acquired Seattle-based prepared food provider SK Food Group in 2010, it segued into a contract to be a major supplier of breakfast sandwiches and wraps to the coffee colossus. Sales, which include live seafood and processed meats such as salami and pepperoni, have more than doubled since 2010 to $1.2 billion last year. "We were talking about focusing on the new food trends, focusing on protein and not sugar," he says. Premium Brands shares have returned about 26 per cent to investors this year, the most of six packaged-food makers in Canada with a market value of more than $100 million. This advertisement has not loaded yet, but your article continues below. Premium Brands Holdings’ sales of grab-and-go breakfast sandwiches and wraps for Starbucks are helping make it North America’s fastest-growing packaged-food supplier. Premium Brands Holdings Corp. (TSX: PBH) is partnering with the Membertou First Nation and coalition of other Mi’kmaq nations in Atlantic Canada on a $1 billion acquisition of … He and Paleologou met in 1987, when Bates was director of the U.S. division of Fletcher's. Why does some bread have 45 ingredients in it, when it should only have four? Starbucks is among fast-food chains seeking to win market share from McDonald’s Corp., the leader in breakfast sales, by offering innovative options such as vegetables and Fontiago cheese on a ciabatta bun. Larosa Foods (Burnaby, B.C. He'd buy it on a pullback. There is none of the "slash and burn" approach that Pearson employed when he took over companies—firing executives, cutting R&D and raising prices. Starbucks was incorporated under the laws of the State of Washington, in Olympia, Washington, on Nov. 4, 1985. Based in British Columbia, Canada, Premium Brands may announce a new U.S. processing … Starbucks is among fast-food chains seeking to win … But, he adds, "Our size doesn't mean we're going to change our values, or that we'll forget what got us here in the first place. Island City Baking (Richmond, B.C.) For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions. Breakfast-sandwiches sales contributed to an 18 per cent increase in Starbucks’ fiscal second-quarter revenue, Scott Maw, the coffee company’s chief financial officer said last month in an interview. The company also converted $57.5 million of bonds to equity. The baristas in China acted as brand ambassadors to help embed the Starbucks … In 2010, Premium Brands acquired SK Food Group, a Seattle-based supplier of breakfast sandwiches and wraps to Starbucks, for $42.5 million. ), Halal foods Shahir (Richmond, B.C.) This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Premium Brands Holdings Corporation is a publicly traded corporation on the Toronto Stock Exchange. Premium Brands' share price hovered at just over $20. Exceptional coffees from around the world. It took a humble sandwich to get investors really excited. They're producing chemical cocktails.". That year, it changed its name to Premium Brands. By 2014, Paleologou had concluded more than 40 deals, and Premium Brands' revenues had soared to $1.2 billion from $274 million in 2001. Shifting breakfast habits of fast-paced cities should continue to be a tailwind for Premium Brands, according to Banks of Montreal’s MacLeod. In addition to Columbus, the company has a 160,000-square-foot facility in Reno, Nevada, and two plants in Canada. "Let's invest in companies that are doing good things. I'm trying to coax the president and CEO of Premium Brands Holdings Corp.—which has grown from a venerable Vancouver bacon and pork seller into a $2.1-billion-a-year North American prepared foods conglomerate—to sample a few of his company's offerings. Grimm's Fine Foods (Langley, B.C.) Peering down from the wall behind him are portraits of his ancestors, including "Sausage Meister" Johann Carl, who founded the company in Stettin (then in Prussia, now Poland) in 1844, and Ulrich, who ran the company with his brother, Walter, out of an East Vancouver garage just over a century later. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. ), Foodservice, retail and specialty retail B&C (Saanichton, B.C.) This Canadian food company is growing like crazy because of Starbucks grab-and-go breakfast sandwiches, Bacon is having its moment thanks to cheap prices: ‘We want to add it to everything we sell’, Canadian factory sales jumped the most in four years to $51-billion, Kale is coming to McDonald’s salads in Canada, says analyst, tap here to see other videos from our team. As Paleologou explains, some quick-service restaurants face a sandwich hurdle: Profit margins are narrow, and they can't afford the labour to make sandwiches from scratch. This is not a stock promotion story, Paleologou says, "it's companies doing really good things in the food space and getting rewarded for it.". So a lot of Premium Brands' growth will depend not just on Paleologou's financial acumen, but on his ability to bond personally with his brand partners. But maintaining and nurturing brands doesn't mean the acquired firm simply keeps operating as before. Paleologou and CFO Will Kalutycz put together a deal to buy the control block of the company from the Saskatchewan Wheat Pool, selling some of Fletcher's old commodity (read: slaughter) business beforehand. "So the idea was to back the Davids in the space, but let's not rationalize them and basically impose our culture on them," he says, getting back to business. © Copyright 2020 The Globe and Mail Inc. All rights reserved. "Basically, we're big enough in Canada now, so we're focusing on the U.S.," he says. 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Sales climbed 25 per cent from a year earlier to a record $332.6 million. border in the pastoral town of Ferndale, Washington (population 12,710), I meet Stephen Bates, one of Premium Brands' early Davids. Freybe and his 50 employees now concentrate on innovation, sales and marketing. There was also an elephant in the room: Nadal's massive ego and pay package. In the early 1990s, he watched many local, often family-run companies that made good-quality products go under or be acquired and then disappear. One big attraction of the deal, Freybe says, was Paleologou's "respect for family businesses." In the brightly lit Reno and Columbus factories, dozens of employees in white coats, hairnets and gloves assemble sandwiches on conveyor belts. Piller's (Waterloo, Ont.) 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Ocean Miracle (Vaughan, Ont.) Khmelnitsky was the first analyst to blow the whistle on Valeant, slapping a sell recommendation on the company in July 2014. In some ways, however, the lack of enthusiasm on the Street imposed a helpful discipline on Premium Brands. "The big guys were trying to drive their quarterly results. Premier Meats (Montreal) Premium Brands Distribution (Surrey, B.C. But Valeant's share price then skidded by more than 90%, crumbling under the weight of $30 billion (U.S.) in long-term debt and accusations of aggressive accounting and price gouging. Consolidated Statements of Operations (in millions of Canadian dollars except per share amounts) 52 weeks ended December 28, 2019. "It's a capital-intensive business," he says. Back in the early 2000s, many investors just didn't understand Paleologou's obsession with food quality or his plan for keeping brands intact. Some sandwiches are packaged individually with logos of brand partners or private-label customers, while others are loaded in batches of a dozen or so in clear plastic bags, which are then put in large cardboard boxes for shipping. Premium Brands Holdings Corporation - Building a great food company through the acquisition and development of specialty branded food businesses and unique proprietary distribution networks. Starbucks's new tradmarks suggest it is investing in R&D and marketing, while expanding into new products or markets. The company also became embroiled in a scandal. VANCOUVER, BC , Sept. 30, 2020 /CNW/ - Premium Brands Holdings Corporation ("Premium Brands" or the "Corporation") (TSX: PBH), a leading producer, marketer and distributor of … ", The trouble is that Bay Street has never had much patience for anything. Premium Brands' share price took off, soon climbing above $30, and it has kept going ever since (see chart on right). Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, … Premium Brands' sandwich sales spiked from $50.9 million that year to $156.8 million in 2011, and they've been soaring ever since—to almost $460 million in 2016. 27x forward earning makes him uncomfortable. Deli Chef (Laval, Que.) The retail chain markets its products under the mom to mom, Safeway SELECT, Signature Caf , Priority Pet Care, Basic Red, Primo Taglio, Rancher's Reserve, Lucerne and Bright Green brands. In November, Premium Brands acquired three more U.S. companies for a total of $200 million. Think Starbucks makes its own breakfast sandwiches? Now that's an amazing line.". SJ Fine Foods (Saskatoon), Sandwiches and other prepared foods Bread Garden (Delta, B.C.) Premium Brands became a supplier to Starbucks after acquiring Seattle-based SK Food Group Inc. about five years ago. Paleologou developed a sophisticated palate as well. Paleologou estimates the company accounts for as much as 50 per cent of packaged-sandwich production in Canada and 5 to 10 per cent in the U.S. There was an error, please provide a valid email address. "It reads like a novel," he says. Sourced for the season, roasted at Starbucks Reserve® Roasteries and crafted with … Professionally, every other year, Paleologou heads to Anuga, the world's largest food fair, held in Cologne, Germany. In 2001, Paleologou was appointed president under Fred Knoedler, who had been in the food processing business since the early 1960s, and remained CEO and chair. He also wanted to retain respected local brands and their managers. Teavana, La Boulange, Seattle Coffee, Evolution Fresh, and Ethos Water are major companies owned by Starbucks. ", But then he quickly returns to form. "It's a longtime habit," he says, before enthusing about "rich flavours" and "tanginess.". The line stuck. The result is an exceedingly rare corporate phenomenon in North America: a rollup that actually works, and one that hasn't been felled while crossing the line from ambition to hubris. Centennial Foodservice (Calgary) Diana's Seafood (Scarborough) Eleven Food Group (Calgary) Hub City Fisheries (Nanaimo, B.C.) By allowing acquired companies to keep their brand identities, Premium Brands has also accomplished something very rare for a Canadian consumer products company: It has established a large presence in the United States. ", All this talk about food authenticity brings Paleologou to the "cheese story"—which I've been told he's eager to tell. "Shin-ken-shpeck": I finally have my salami tasting and pronunciation lesson at the Langley, British Columbia, head office of another family-run business, Freybe Gourmet Foods. The family settled in the Vancouver suburb of Coquitlam, where a teenage Paleologou began cooking steaks at a local restaurant. The following year, Paleologou was named Premium Brands CEO after Knoedler passed away. Then there's Starbucks, the corporate customer that has excited investors the most in recent years, helping to propel Premium Brands' share price to a fourfold gain since early 2015. Shifting consumer preferences help explain why Paleologou, 54, expects the Richmond, British Columbia-based company’s sandwich sales to double in five years to $600 million. Premium Brands Holdings Corp.’s sales of grab-and-go breakfast sandwiches and wraps for Starbucks Corp. are helping make it North America’s fastest-growing packaged-food supplier. “It’s one of the fastest growth stories in packaged foods,” Christian Godin, the Montreal-based head of equities at Montrusco Bolton Investments Inc. who oversees $3.5 billion, including about one million shares of Premium Brands. Stuyver's Bake Studio (Langley, B.C. Premium Brands … — With assistance from Craig Giammona in New York. In 2010, Premium Brands acquired SK Food Group, a Seattle-based supplier of breakfast sandwiches and wraps to Starbucks, for $42.5 million. Private Company. "I realized back then that the true innovators in the space were the little guys," he says—the Davids, rather than the Goliaths. But they have also come to appreciate Paleologou's strategy for buying and nurturing brands. The company has combined those brands with an "efficient marketing and distribution enterprise, which has allowed them to gain entry into leading retailers.". We ask you to keep your comments relevant and respectful. If you don't see it please check your junk folder. Staff at the start of the line lay out bottom slices of bread or buns; others add, say, meat or egg patties, and then condiments and tops. Yet even at the recent $103, the shares were trading at a relatively modest 20 times forecast earnings for 2018. "'George,' he says, 'I got tired of having to take the cheese out of the cheese.' We have closed comments on this story for legal reasons or for abuse. Has benefitted from Starbucks relationship via food offering. Then there's Starbucks, the corporate customer that has excited investors the most in recent years, helping to propel Premium Brands' share price to a fourfold gain since early 2015. Hempler's started its life as a small meat-and-sausage provider in 1934. We apologize, but this video has failed to load. After graduating in 1982, Paleologou joined KPMG at its office in New Westminster, first articling as a chartered accountant and then becoming a manager. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. In 2007, the company bought Calgary-based meat and fish distributor Centennial Foodservice for $84.7 million. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Premium Brands' share price sagged and then basically moved sideways for years. The company, which last August opened a 180,000-square foot (16,700 square meter) sandwich factory in Columbus, Ohio, is considering plans to build another U.S. plant as soon as this year. Harvest Meats (Yorkton, Sask.) “Our debt level is now very reasonable,” he said. "Over time, Premium Brands has demonstrated that they buy something and develop the expertise in that field rather than plunging into multimillion-dollar deals where they don't know much about the acquired business and the related market," says Dimitry Khmelnitsky, an analyst with Toronto-based Veritas Investment Research Corp. That comment is both a compliment for Premium Brands and a shot at one of the biggest and most disastrous corporate rollups ever: Valeant Pharmaceuticals International Inc. Premium Brands Holdings Corp.’s sales of grab-and-go breakfast sandwiches and wraps for Starbucks Corp. are helping make it North America’s fastest-growing packaged-food supplier. In March, 2013, the company bought Freybe Gourmet Foods for $55 million. George Paleologou is having no truck with my suggestion of a taste test. McSweeney's (Langley, B.C.) Through its subsidiary, Blackhawk Network Holdings… And expand Premium Brands did, not just in the meat business, but also into food distribution and seafood. What Paleologou can do is describe Premium Brands' sandwich business in general. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Although MDC was a mid-sized company, he was one of the highest-paid executives in Canada for years, collecting $16.8 million (U.S.) in 2014. Read our, Britain and EU push Brexit trade talks beyond deadline, Trump revives threat to veto defence bill, Suspected Russian hackers spied on U.S. agencies, sources say, Canada's first batch of COVID-19 vaccines arrive, Pandemic sparks tidying-up frenzy and second-hand goods surge in Japan. "Obviously, when you sell your business, there is a part of you that is emotionally hurt and saddened," says Freybe, 45, the sixth generation of the family to run the company. Rapid growth has come at a cost. ), Concession snacks and beverages Harlan Fairbanks (Winnipeg and Seattle) Multi-National Foods (Calgary). But by 2012, he says, the family realized they needed money to modernize. The company kept growing by acquisition, but it did so without raising huge sums from stock or bond issues. He says food is a passion for him; he devours academic and mainstream publications on the subject. Instead, he says, the focus should be on his acquired brands, their 6,300 employees and management teams left mostly intact. VANCOUVER, BC, July 16, 2020 /CNW/ - Premium Brands Holdings Corporation ("Premium Brands" or the "Company") (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products… Bates lauds Paleologou for building brands that are "measurably better" over the long term, "but which you have to be patient about. It then bounced around that price for a decade, and didn't climb back above $20 until late 2013. Yes, Premium Brands is a rollup, too, but he says "it is diametrically opposite in terms of how it is doing business." Premium Brands Holdings Corporation (located in Canada, North America) was purchased by a Public Pension from Canada on 12/01/2020 as a New Security Issue in the Consumer … Or maybe you've dined out on steak or seafood at one of the half dozen restaurant chains the company supplies, including The Keg and Boston Pizza. Brand Global Starbucks understands the value of its global brand and has taken … Paleologou is well aware of that. Why is sugar often the second-largest ingredient in a hot dog? HALIFAX - Premium Brands Holdings Corp. and a group of Mi’kmaq First Nations are buying Clearwater Seafoods Inc. for $1 billion, including debt. They also felt that the company would grow more with the right partner than by taking out a bank loan. Trademark applications show the products and services that Starbucks is developing and marketing. Let's empower them and then they'll grow," he says. The plan was to appeal to consumers who, like Paleologou, were becoming more fastidious about what they ate. Perhaps a nibble of kolbassa sausage from Piller's Fine Foods of Waterloo, Ontario, or a slice of Italian Wine salami created by nearby Freybe Gourmet Foods, while also trying to correctly pronounce the name of its thinly sliced smoked pork: schinkenspeck. Later in the month, Starbucks announced changes to its loyalty program so that … Thus, Starbucks has established itself as an aspiration brand and is able to charge premium prices. In the U.S., Starbucks leads with about 15,000 locations compared to … Maximum Seafood (Vaughan, Ont.) In China, the company’s second-largest market, Starbucks plans to add 600 new stores next year, with 10% of those being Starbucks NOW stores. He doesn't talk about relationships with specific customers. HQ Fine Foods (Edmonton) Hygaard (Edmonton) Oven Pride (Seattle) Quality Fast Foods (Edmonton) SK Food Group (Seattle), Bread and baked goods Audrey's Patisserie (Langley, B.C.) The next issue of Top Stories Newsletter will soon be in your inbox. Besides, "I never seek attention," the greying, svelte 57-year-old says calmly. Visit our Community Guidelines for more information and details on how to adjust your email settings. When the company approached Paleologou in 2006, it was still family-owned, with 18 employees and a 6,000-square-foot factory that produced about 2,000 pounds of bacon a week. ), Salads, fresh pasta and sauces Conte Foods (Burnaby, B.C.) Two of them are sandwich makers: Minnesota's Buddy's Kitchen Inc., which has two plants in the state, and California-based Raybern Foods, a national supplier of heat-and-serve sandwiches to Walmart and other retail chains, which has a factory in Tupelo, Mississippi. As Bates shows me around, we meet founder Hans Hempler's 80-year-old son, Dick, who still owns 30% of the company and pops into the office almost daily. Premium Pricing involves setting the prices of products higher than comparable products. 351 King Street East, Suite 1600, Toronto, ON Canada, M5A 0N1, Just $1.99 per week for the first 24 weeks, var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o? As of early last fall, Premium Brands had five sandwich plants: two small ones in Canada, in Montreal and Edmonton, and three much larger factories, in Columbus (Ohio), Reno (Nevada) and Phoenix. Unauthorized distribution, transmission or republication strictly prohibited. Think again. [5] Partly as a result of increased sales of these products, … Paleologou expects to make a decision on construction of the company’s next U.S. sandwich plant by the end of the year. The company’s net debt almost tripled in five years to $365.7 million at the end of the first quarter, according to data compiled by Bloomberg. Read more about cookies here. Interprovincial Meat Sales (Dartmouth, N.S.) We encountered an issue signing you up. Please try again. Interactive chart of historical net worth (market cap) for Starbucks (SBUX) over the last 10 years. Premium Brands Holdings Corp.’s sales of grab-and-go breakfast sandwiches and wraps for Starbucks Corp. are helping make it North America’s fastest-growing … Its 25 per cent annual sales-growth rate in the past five years was the fastest among its North American food peers, data compiled by Bloomberg show. Comments may take up to an hour for moderation before appearing on the site. In July 2015, Nadal resigned, and MDC shares later declined to below $10 (U.S.). Paleologou says he expects to hit $1 billion in sales in the category within five years. Premium Brands Holdings Corporation. Investment analysts who track Premium Brands are mostly bullish, and much of that optimism is based on Starbucks and the surging North American demand for food on the go. Pointing to the increase from 78 cents in 2004 to $4.56 in 2017, he gushes: "That's tremendous. The company was earning small but consistent profits, and its long-term debt was a modest $211 million. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. "At one point in my career, I met with a fellow who was running a business in the U.S. but used to manage the cheese division of a large multinational company," he says. A welcome email is on its way. By the end of fiscal 2022, Starbucks will … Across the Canada–U.S. "That was the beginning of my passion for food.". In early 2015, news stories noted that Starbucks' sales of grab-and-go breakfast sandwiches were soaring, and Premium Brands was one of its leading suppliers. Sitting in his office in suburban Richmond, British Columbia, in a neat, open-collared checked shirt and the executive's de rigueur partially clear-rimmed glasses, Paleologou is unfailingly, almost obsessively modest. Wescadia (Richmond, B.C. Paleologou has also avoided mistakes that another ill-fated rollup, Toronto-based MDC Partners Inc., made as it bought up dozens of firms in the advertising and communications sector. Premium Brands Holdings … Gourmet Chef (Langley, B.C.) 52 weeks ended December … Erin Jane Schaeffer, a Starbucks spokeswoman, declined to comment on Premium Brands, citing a policy against discussing individual vendor relationships. For more information, please visit Starbucks … "I loved it," Paleologou says enthusiastically, adding that the wages later helped fund his business administration degree at Simon Fraser University. Consumers may not be familiar with Premium Brands' corporate name, but you almost certainly have bitten into some of the offerings of its 41 (and counting) major brands—especially if you've reached for packaged deli meat, bacon, cooked kebabs, jerky, burger patties or meat snacks. "Ultimately," he says, drumming his desk with his finger for emphasis, "we're only as good as the person on the line.". Thank you for your patience. More and more North Americans are now grabbing breakfast sandwiches on the go, and when Premium Brands acquired Seattle-based prepared food provider SK Food Group in 2010, it segued into a contract to be a major supplier of breakfast sandwiches and wraps to the coffee colossus. Sales, which include live seafood and processed meats such as salami and pepperoni, have more than doubled since 2010 to $1.2 billion last year. "We were talking about focusing on the new food trends, focusing on protein and not sugar," he says. Premium Brands shares have returned about 26 per cent to investors this year, the most of six packaged-food makers in Canada with a market value of more than $100 million. This advertisement has not loaded yet, but your article continues below. Premium Brands Holdings’ sales of grab-and-go breakfast sandwiches and wraps for Starbucks are helping make it North America’s fastest-growing packaged-food supplier. Premium Brands Holdings Corp. (TSX: PBH) is partnering with the Membertou First Nation and coalition of other Mi’kmaq nations in Atlantic Canada on a $1 billion acquisition of … He and Paleologou met in 1987, when Bates was director of the U.S. division of Fletcher's. Why does some bread have 45 ingredients in it, when it should only have four? Starbucks is among fast-food chains seeking to win market share from McDonald’s Corp., the leader in breakfast sales, by offering innovative options such as vegetables and Fontiago cheese on a ciabatta bun. Larosa Foods (Burnaby, B.C. He'd buy it on a pullback. There is none of the "slash and burn" approach that Pearson employed when he took over companies—firing executives, cutting R&D and raising prices. Starbucks was incorporated under the laws of the State of Washington, in Olympia, Washington, on Nov. 4, 1985. Based in British Columbia, Canada, Premium Brands may announce a new U.S. processing … Starbucks is among fast-food chains seeking to win … But, he adds, "Our size doesn't mean we're going to change our values, or that we'll forget what got us here in the first place. Island City Baking (Richmond, B.C.) For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions. Breakfast-sandwiches sales contributed to an 18 per cent increase in Starbucks’ fiscal second-quarter revenue, Scott Maw, the coffee company’s chief financial officer said last month in an interview. The company also converted $57.5 million of bonds to equity. The baristas in China acted as brand ambassadors to help embed the Starbucks … In 2010, Premium Brands acquired SK Food Group, a Seattle-based supplier of breakfast sandwiches and wraps to Starbucks, for $42.5 million. ), Halal foods Shahir (Richmond, B.C.) This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Premium Brands Holdings Corporation is a publicly traded corporation on the Toronto Stock Exchange. Premium Brands' share price hovered at just over $20. Exceptional coffees from around the world. It took a humble sandwich to get investors really excited. They're producing chemical cocktails.". That year, it changed its name to Premium Brands. By 2014, Paleologou had concluded more than 40 deals, and Premium Brands' revenues had soared to $1.2 billion from $274 million in 2001. Shifting breakfast habits of fast-paced cities should continue to be a tailwind for Premium Brands, according to Banks of Montreal’s MacLeod. In addition to Columbus, the company has a 160,000-square-foot facility in Reno, Nevada, and two plants in Canada. "Let's invest in companies that are doing good things. I'm trying to coax the president and CEO of Premium Brands Holdings Corp.—which has grown from a venerable Vancouver bacon and pork seller into a $2.1-billion-a-year North American prepared foods conglomerate—to sample a few of his company's offerings. Grimm's Fine Foods (Langley, B.C.) Peering down from the wall behind him are portraits of his ancestors, including "Sausage Meister" Johann Carl, who founded the company in Stettin (then in Prussia, now Poland) in 1844, and Ulrich, who ran the company with his brother, Walter, out of an East Vancouver garage just over a century later. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. ), Foodservice, retail and specialty retail B&C (Saanichton, B.C.) This Canadian food company is growing like crazy because of Starbucks grab-and-go breakfast sandwiches, Bacon is having its moment thanks to cheap prices: ‘We want to add it to everything we sell’, Canadian factory sales jumped the most in four years to $51-billion, Kale is coming to McDonald’s salads in Canada, says analyst, tap here to see other videos from our team. As Paleologou explains, some quick-service restaurants face a sandwich hurdle: Profit margins are narrow, and they can't afford the labour to make sandwiches from scratch. This is not a stock promotion story, Paleologou says, "it's companies doing really good things in the food space and getting rewarded for it.". So a lot of Premium Brands' growth will depend not just on Paleologou's financial acumen, but on his ability to bond personally with his brand partners. But maintaining and nurturing brands doesn't mean the acquired firm simply keeps operating as before. Paleologou and CFO Will Kalutycz put together a deal to buy the control block of the company from the Saskatchewan Wheat Pool, selling some of Fletcher's old commodity (read: slaughter) business beforehand. "So the idea was to back the Davids in the space, but let's not rationalize them and basically impose our culture on them," he says, getting back to business. © Copyright 2020 The Globe and Mail Inc. All rights reserved. "Basically, we're big enough in Canada now, so we're focusing on the U.S.," he says. 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Sales climbed 25 per cent from a year earlier to a record $332.6 million. border in the pastoral town of Ferndale, Washington (population 12,710), I meet Stephen Bates, one of Premium Brands' early Davids. Freybe and his 50 employees now concentrate on innovation, sales and marketing. There was also an elephant in the room: Nadal's massive ego and pay package. In the early 1990s, he watched many local, often family-run companies that made good-quality products go under or be acquired and then disappear. One big attraction of the deal, Freybe says, was Paleologou's "respect for family businesses." In the brightly lit Reno and Columbus factories, dozens of employees in white coats, hairnets and gloves assemble sandwiches on conveyor belts. Piller's (Waterloo, Ont.) 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