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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