ID :
351903
Fri, 12/19/2014 - 11:41
Auther :

Thai Union Group Acquires US-Based Bumble Bee Seafoods

By Minggu Simon Lhasa BANGKOK, Dec 19 (Bernama) -- Thai Union Frozen Products Public Company Limited (TUF), the world's largest processor of shelf-stable tuna products, is acquiring Bumble Bee Seafoods, LLC, North America's largest branded shelf-stable seafood company for US$1.51 billion. Bumble Bee Seafoods is owned by Lion Capital, a Pan-Atlantic private equity firm. TUF president and chief executive officer Thiraphong Chansiri described the deal as the company's biggest acquisition to date and one of its most exciting external growth propositions. Upon completion, the transaction will be immediately accretive to TUF's earnings and cash flows and will increase its revenue by 25 per cent, he said in a statement. He said the business combinations would help lower costs, improve efficiency, and create a global leader in the shelf-stable seafood space. The San Diego-based Bumble Bee Seafoods has a workforce of 1,300 people and generates annual sales of US$1 billion and an estimated EBITDA of US$145 million in 2014. The company produces and sells canned, pouched and frozen seafood products in the US and Canada. The closing of the acquisition remains subject to clearance by the US antitrust authorities and other closing conditions set forth in the acquisition agreement. A definitive closing date has yet to be determined but Thai Union Group and Bumble Bee Seafoods expect the transactions will close in second half of 2015. TUF boasts annual sales exceeding 100 billion baht (US$3.66 billion) and employs over 35,000 people. -- BERNAMA

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