By Josh Beckerman 
 

Thai Union Frozen Products PCL (TUF.TH), whose brands include Chicken of the Sea, has agreed to purchase Bumble Bee Seafoods from private-equity firm Lion Capital for $1.51 billion.

Bumble Bee has annual sales of more than $1 billion and its 2014 earnings before interest, taxes, depreciation and amortization, or Ebitda, is projected at about $145 million.

The deal is expected to close during the second half of 2015.

San Diego-based Bumble Bee has more than 1,300 employees. Lion bought the company from private-equity firm Centre Partners for $980 million.

Bumble Bee and other seafood companies, including High Liner Foods, Pacific Seafood and Trident Seafoods, are trying to attract consumers with new easy-to-use products. Bumble Bee in 2013 launched a frozen line that expanded beyond its traditional tuna and shelf-stable seafood offerings to include microwavable dishes made from salmon and tilapia.

Bangkok-based Thai Union Frozen is the world's largest seafood company by sales. Its international canned seafood products include John West, Petit, and Century. TUF is also involved in production and distribution of steel and aluminum food packaging and animal feed products.

In September it announced deals for sardine company King Oscar and smoked-salmon maker MerAlliance.

Write to Josh Beckerman at josh.beckerman@wsj.com

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