Goldsmith Agio Helms Announces the Sale of 
Centennial Foodservice to Premium Brands Income Fund

MINNEAPOLIS, MN – July 17, 2007:
Goldsmith Agio Helms is pleased to announce the sale of the partnership units of its client, Centennial Foodservice (“CFS”), the largest specialized distributor of protein products to the foodservice industry in Canada, to Premium Brands Income Fund (“PBI”), an open-ended limited purpose trust that trades on the Toronto Stock Exchange (TSX:PBIF), for approximately C$84 million.

TRANSACTION HIGHLIGHTS
David Carriere, Chief Operating Officer and Executive Vice President of CFS, said, “This transaction represents an exciting next step in the growth of CFS.  With PBI’s family of highly recognized brands, they are an ideal partner with which to expand our unique distribution model throughout Canada while continuing to offer our customers superb service and a broader product line.” Janet Wightman, President and CEO of Victoria Park Capital, stated, “On behalf of the ownership group, I am grateful for the commitment of the CFS family in Saskatchewan and throughout Western Canada over the years. At the same time, we are confident that CFS has found a great home.”  

David Iverson, Managing Director at Goldsmith Agio Helms, commented, “It was a pleasure working with the CFS team on this transaction.  CFS has grown rapidly and profitably over the last several years and the PBI acquisition could not come at a better time for both CFS and PBI.” “CFS is led by an impressive group of inspired, growth-oriented leaders, who are responsible for building one of the most innovative value-added distributors in the foodservice industry in North America” added Chris Kocourek, Vice President at Goldsmith Agio Helms.  Kevin Jach, Managing Director, stated “This transaction is the second leading protein company we have sold for this ownership group and this sale represents the 69th transaction completed by the Goldsmith Agio Helms food team, reinforcing our position as the leading middle-market M&A advisor to the food industry.”

George Paleologou, President and Trustee of PBI, said, “CFS expands and diversifies our distribution capabilities by providing us with a proprietary network into another growing segment of the food industry.  The combination of its foodservice focused network and our existing proprietary distribution networks, which focus on specialty retailers, convenience stores and the concessionary industry, will enable us to sell and distribute our specialty food products directly to 25,000 customers across western Canada.”

ABOUT THE  COMPANY
Centennial Foodservice (www.centennialfoodservice.com) is a unique foodservice distribution company that specializes in custom cutting and supply of value-added “center-of-the-plate” protein products.  CFS distributes its focused product line to the hotel, restaurant, and institutional (“HRI”) industry through eight plant and distribution branches and one exclusive dealer across western Canada.  CFS is the largest specialized distributor of protein to the foodservice industry in Canada, servicing more than 4,500 HRI operators. 

Investment Saskatchewan Inc. was a partial owner of CFS.  Victoria Park Capital, portfolio manager for Investment Saskatchewan Inc. is a venture capital and private equity management company based in Regina, Saskatchewan with a satellite office in Saskatoon. It currently manages an investment portfolio on behalf of its founding client, Investment Saskatchewan ("IS"), with a market value of $640 million. In addition to the management of these existing assets, Victoria Park Capital offers investment capital for companies with operations in Saskatchewan, who require more than $3 million in total equity or near-equity financing.

ABOUT THE BUYER
Premium Brands Income Fund operates as an open-ended limited purpose trust that engages in the manufacture, marketing, and distribution of various specialty food products in Canada and the western United States. Its specialty food products include meat snacks, such as pepperoni, beef jerky, and kippered beef; snack foods, including fresh and individually wrapped pastries and cookies; concession products, which include popcorn, hot and frozen beverage supplies, and ice cream accessories; fresh and pre–packaged sandwiches; European–style deli meats; delicatessen items, such as cheese and specialty Mexican foods; and premium smoked sausages. The company also sells various products purchased from third party manufacturers. Premium Brands offers its products under the McSweeney’s, Grimm’s, Harvest, Quality Fresh Foods, Hygaard, Bread Garden, and Hempler’s brands through distribution and wholesale networks. The company is headquartered in Richmond, B.C. Canada.

ABOUT GOLDSMITH AGIO HELMS
Goldsmith Agio Helms (www.agio.com) is one of the nation's leading independent investment banking firms providing sophisticated corporate finance advisory services to middle-market businesses.  The firm's services include mergers and acquisitions, private placements of debt and equity, distressed advisory and restructuring, and financial advisory and opinion services.  The firm operates internationally from its offices in Minneapolis, New York, Chicago, Los Angeles, and Shanghai and through Agio International, a proprietary partnership of leading independent investment banks with offices in London, Edinburgh, Madrid, Milan, and Zurich. 

If you would like more information about this transaction, contact David G. Iverson (diverson@agio.com) or Kevin G. Jach (kjach@agio.com) at 612-339-0500.