Bumble Bee Seafoods LLC, a leading North American packaged seafood company, on Friday said it was being bought by Thai Union Frozen Products PCL (TUF) for US$1.51 billion.
The merger is set to create the world’s largest shelf-stable seafood company, Bumble Bee said in a statement.
The deal brings together two well-known brands of canned tuna that often sit side-by-side on US market shelves, Bumble Bee and Chicken of the Sea, owned by Thai Union Frozen Products.
100 PERCENT
TUF is buying 100 percent of the shares of Bumble Bee Seafoods from private equity firm Lion Capital LLP, Bumble Bee said.
“I have always believed that Bumble Bee and Thai Union share a strong vision for innovation, operational excellence, sustainability and value for our consumers, making this combination good news for customers, consumers and the industry as a whole,” Bumble Bee president and chief executive Chris Lischewski said in the statement.
“Importantly, we commit to uphold the indispensable role as one of the world’s leaders in providing responsibly harvested and processed seafood,” he added.
“The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions,” boosting revenues by about 25 percent, TUF president and chief executive officer Thiraphong Chansiri said in a separate statement.
The completion of the deal is subject to the approval of US antitrust authorities.
The firms said they expected the transaction to close in the second half of next year.
Bumble Bee, founded in 1899, produces and sells canned and pouched tuna, salmon, sardines and specialty seafood products, as well as frozen seafood products, across the US and Canada.
The privately held company said it generates annual sales of about US$1 billion.
35,000 WORKERS
TUF, a global leader in shelf-stable tuna products, has annual sales exceeding US$3.66 billion and a global workforce of more than 35,000 people.
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