Bumble Bee Foods Announces Completion of Acquisition by Lion Capital
$980 Million Transaction for North America's Largest Branded Seafood Company
15 Dec, 2010, 04:40 ET
SAN DIEGO, Dec. 15, 2010 /PRNewswire/ -- Bumble Bee Foods announced the completion today of the acquisition of all assets and operations of Bumble Bee Foods from Centre Partners Management LLC by funds advised by Lion Capital LLP. The acquisition, valued at $980 million, was made in partnership with members of Bumble Bee's senior management team.
Headquartered in San Diego, California, Bumble Bee is the leading producer and marketer of premium seafood in North America and one of the top 10 global branded seafood companies. The company produces and markets shelf-stable tuna, salmon, sardines, clams and other specialty seafood products under the Bumble Bee®, Clover Leaf®, Brunswick®, Snow's®, Beach Cliff®, King Oscar® and Sweet Sue® brands.
In the U.S., Bumble Bee has the number one position in the premium albacore category, the number two position in the overall tuna segment, and is the number one provider of canned salmon and specialty canned seafood. In Canada, Clover Leaf is the overall leader across the canned seafood category.
According to President and Chief Executive Officer Chris Lischewski, under its new ownership, Bumble Bee will continue to pursue the expansion of its strong position in the North American and global seafood markets. The company will achieve this by capitalizing on its low-cost operations, procurement strength, and well-recognized household brand names.
"We've had a great history with Centre Partners and are grateful for the growth we've realized through their investment and partnership over the past several years," said Lischewski. "This new chapter is an exciting one for us and we're pleased to formalize a new partnership with Lion Capital to further grow our business here in the United States and internationally."
Lischewski said that the company's global headquarters will remain in San Diego, California. "We have a strong management team and a dedicated work force – all of who contribute to our business success as well as our continued mission of improving our consumers' quality of life by providing sustainable, nutritious, convenient and affordable seafood," he said.
Bumble Bee employs 1,700 employees across eight facilities in the U.S., Canada and Puerto Rico.
Financing was arranged and provided by J.P. Morgan, Wells Fargo Capital Finance, Wells Fargo Securities, Barclays Capital and Jefferies. Bumble Bee Foods was advised by J.P. Morgan and Dechert LLP.
About Bumble Bee Foods
Bumble Bee Foods, LLC, headquartered in San Diego, is North America's largest branded shelf-stable seafood company, offering a full line of canned and pouched tuna, salmon, sardine, and specialty protein products marketed in the U.S. under leading brands including Bumble Bee®, Brunswick®, Snow's® and Beach Cliff®, 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 is a founding member of the Healthy Weight Commitment Foundation—a first-of-kind initiative in the U.S. involving a coalition of retailers, non-profit organizations and food and beverage manufacturers with a mission to help reduce obesity, particularly childhood obesity by 2015. Bumble Bee also actively promotes the responsible stewardship of global fisheries resources and is a founder of the International Seafood Sustainability Foundation (ISSF)—a global partnership of scientists, tuna processors and WWF, the global conservation organization.
For more information on Bumble Bee, visit www.bumblebee.com.
Media Contacts: Della Sweetman/Erika Ulring at Fleishman-Hillard 619.237.7700.
SOURCE Bumble Bee Foods, LLC
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