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dpa-AFX: Bumble Bee Tuna Snapped Up By Thai Company For $1.51 Bln

| Quelle: dpa-AFX Analysen
BANGKOK (dpa-AFX) - A Thai company has bought iconic U.S. tuna brand Bumble Bee for $1.51 billion dollars. Thai Union Frozen Products Public Company Limited or TUF, the world's largest processor of shelf-stable tuna products snapped up Bumble Bee from private equity firm Lion Capital. Post Synergies, the transaction is valued at 8.6 times based on estimated EBITDA for 2014. TUF said that the acquisition will enhance the Group's portfolio of seafood products in the U.S and Canada. Thiraphong Chansiri, President and CEO of TUF said, 'The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions. Upon completion, the transaction will be immediately accretive to TUF's earnings and cash flows and will increase TUF's group revenues by approximately 25%.' Bumble Bee Seafoods, based in San Diego, CA, generates annual sales of approximately $1 billion and an estimated EBITDA of $145 million in 2014. The company has a workforce of more than 1,300 people, producing and selling canned, pouched and frozen seafood products across the United States and Canada. The closing of the acquisition remains subject to clearance by the United States antitrust authorities and other closing conditions set forth in the acquisition agreement. While a definitive closing date cannot yet be determined, Thai Union Group and Bumble Bee Seafoods expect that the transaction will close in the second-half of 2015. Copyright RTT News/dpa-AFX
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