Bumble Bee Seafoods Acquired by Thai Union Group (TUF)

Combination results in world's largest branded shelf-stable seafood company

Dec 18, 2014, 18:57 ET from Bumble Bee Seafoods

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

SOURCE Bumble Bee Seafoods



RELATED LINKS

http://www.bumblebee.com


http://www.thaiuniongroup.com


http://www.lioncapital.com