SAN DIEGO, Dec. 18, 2014 /PRNewswire/ -- Bumble Bee
Seafoods, North America's largest
branded shelf-stable seafood company, today announced it has been
acquired by Thai Union Frozen Products Public Company Limited
(TUF). TUF entered into a binding agreement to obtain 100 percent
of the shares of Bumble Bee Foods, LLC from Lion Capital, a
pan-Atlantic private equity firm, for a total purchase price of
USD 1.51 billion.
"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,"
said Chris Lischewski, President and
CEO of Bumble Bee Seafoods. "Importantly, we commit to uphold the
indispensable role as one of the world's leaders in providing
responsibly harvested and processed seafood."
Bumble Bee generates annual sales of approximately USD 1 billion and estimated EBITDA for 2014 of
USD 145 million. With a workforce of
more than 1,300 people, Bumble Bee produces and sells canned,
pouched and frozen seafood products across the United States and Canada. Including synergies between the two
companies, the transaction is valued at approximately 8.6 times
2014 estimated EBITDA.
"Thai Union's acquisition of Bumble Bee Seafoods represents an
exciting next step for the development of the business. We are
proud to have played a significant role in the evolution of Bumble
Bee over the last 4 years and would like to thank our partners,
Chris and the management team, for helping us achieve such a
successful return on our investment," said Lyndon Lea, Partner of Lion Capital. "We are
particularly pleased to have found a strategic home for Bumble Bee
with the proven expertise of Thai Union. Thai Union is
uniquely qualified to build even greater growth and prosperity of
the Bumble Bee business in the future."
Once the transaction is finalized, TUF and Bumble Bee will focus
on enhancing operating efficiencies for material sourcing and
production, innovation, and new product development, primarily in
North American markets.
The closing of the acquisition remains subject to clearance by
the United States antitrust
authorities and the other closing conditions set forth in the
acquisition agreement. While a definitive closing date cannot yet
be determined, Bumble Bee and TUF expect that the transaction will
close in the second half of 2015.
About Bumble Bee
Bumble Bee Seafoods was founded in 1899 by a handful of
dedicated fishermen. Today, privately held and headquartered in
the United States, Bumble Bee
Seafoods is North America's
largest branded shelf-stable seafood company, offering a full line
of canned and pouched tuna, salmon, sardines, and specialty seafood
products marketed in the U.S. under leading brands including Bumble
Bee®, Brunswick®, Sweet Sue®, Snow's®, Beach Cliff®, Wild
Selections®, Bumble Bee SuperFresh®, and in Canada under the Clover Leaf® brand. The
Bumble Bee® brand has established significant consumer awareness
and loyalty based on the quality, nutritional value, and
affordability of its products.
Bumble Bee's headquarters are in San
Diego, California.
In addition to investing in our employees and our local
communities, Bumble Bee is dedicated to promoting the importance of
leading a healthy lifestyle and preserving our precious resources.
For more information, please visit http://www.bumblebee.com
About TUF
Thai Union Frozen Products Public Company Limited or TUF is the
world's seafood expert bringing high quality, safe, delicious and
convenient seafood products to customers across the world for over
37 years.
Today, TUF is regarded as the world's largest producer of
shelf-stable tuna products with annual sales exceeding THB 100 billion (USD 3.66
billion) and a global workforce of over 35,000 people who
are dedicated to pioneering sustainable, innovative seafood
products.
The company is dedicated to producing sustainable, convenient
and quality seafood products for healthy, happy families everywhere
- its brand portfolio includes Thai-leading brands Sealect, Fisho
and Bellotta; as well as highly recognized international brands
Chicken of the Sea, John West,
King Oscar, Petit Navire,
Parmentier, Mareblu, and Century.
As a company committing to innovation and globally responsible
business practices, TUF is proud to be a member of the UN Global
Compact, a founding member of the International Seafood
Sustainability Foundation (ISSF) and a recognized member of Dow
Jones Sustainability Indices (DJSI) Emerging Markets 2014 – the
first and only Thai company in the food products sector to be
awarded.
For more information, please visit www.thaiuniongroup.com
About Lion Capital
Lion Capital is a consumer-focused investor passionate about
driving growth through strong brands. With offices in
Los Angeles and London, the firm's principals have led the
investment of €6 billion in more than 30 businesses and more than
100 consumer brands across North
America and Europe. Lion's
focus on market-leading consumer-facing companies has led to
investments in such well-known brands as Kettle Foods, a leading
producer of all-natural snacking products; John Varvatos, the award-winning men's lifestyle
brand; Perricone MD, a premium anti-aging skincare brand;
Jimmy Choo, the luxury shoe and
accessories retailer; and AllSaints, a leading contemporary fashion
brand with a global store network. Lion Capital works in
partnership with the management of its companies to strategically
transform the businesses in which it invests.
For more information, please visit www.lioncapital.com
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SOURCE Bumble Bee Seafoods
