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Thai Union Group to Acquire Bumble Bee for USD 1.51bn.

M2 EQUITYBITES-December 19, 2014-Thai Union Group to Acquire Bumble Bee for USD 1.51bn

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19 December 2014 - Thailand-based canned seafood company Thai Union Frozen Products Public Co Ltd has agreed to acquire US-based canned tuna brand Bumble Bee Seafoods for USD 1.51bn, the companies said.

Bumble Bee generates annual sales of approximately 1bn and estimated EBITDA for 2014 of 145m.

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.

Once the transaction is finalised, TUF and Bumble Bee said they 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.

Thai Union brands include Chicken of the Sea, John West, King Oscar, Petit Navire, Parmentier, Mareblu, and Century.

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Date:Dec 19, 2014
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