09Producer of shelf-stable tuna products Thai Union Frozen Products Public Company Limited (TUF) has entered into a binding agreement to acquire 100% of the shares of North America’s shelf-stable seafood company – Bumble Bee Foods.
Through the acquisition worth US$1.51 billion, TUF aims to improve operating efficiencies in the areas of raw material sourcing and production, as well as advancing in innovation and new product development, particularly in North American markets.
Bumble Bee Seafoods is privately owned by a Pan-Atlantic private equity firm – Lion Capital.
“The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions. Upon completion, the transaction will be immediately accretive to TUF’s earnings and cash flows and will increase TUF’s group revenues by approximately 25%,” said Thiraphong Chansiri, President and CEO of TUF.
Based in San Diego, Bumble Bee Seafoods generates annual sales of approximately US$1 billion and an estimated EBITDA of US$145 million in 2014.
The company employs more than 1,300 people, producing and selling canned, pouched and frozen seafood products across Canada and the US.