Centre Partners Management LLC announced today the acquisition of substantially all of the assets and operations of Bumble Bee Seafoods, Inc. of ConAgra Foods, through affiliates of newly formed Bumble Bee Seafoods, L.P. ("Bumble Bee").
The acquisition, which was made in partnership with members of Bumble Bee's senior management team, includes all key assets of Bumble Bee including the Bumble Bee(R), Orleans(R), Clover Leaf(R) (Canada), and Paramount(R) (Australia) brands.
Under its new ownership, Bumble Bee will continue to pursue the expansion of its strong position in the global seafood market by capitalizing on its low-cost operations, procurement strength, and well-recognized household brand names. Centre Partners and Bumble Bee's management team have partnered to complete this acquisition in support of management's goal to make Bumble Bee the clear leader in the branded seafood segment in North America.
Scott Perekslis, Managing Director of Centre Partners, commented, "We are delighted with the opportunity to own as powerful a consumer brand as Bumble Bee and to be partners with the strong management team led by Chris Lischewski. As an active investor in the consumer products sector, Centre Partners has long focused on companies like Bumble Bee with strong household brands and top-notch management teams. Further, through our existing investment in American Seafoods, L.P., we have come to appreciate the many positive aspects of the global seafood industry."
Christopher Lischewski, President and CEO of Bumble Bee, said, "Our management team is looking forward to continuing Bumble Bee's tremendous momentum with our new partners at Centre Partners. As new owners of Bumble Bee, we are very pleased to have the opportunity to team up with Centre Partners, a firm that complements its strong reputation with the industry experience to understand our strategy and plans for future growth."
Led by a strong management team and supported by a dedicated work force, Bumble Bee is a clear leader in the North American seafood industry and its core products are a staple in virtually every North American household. 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, Bumble Bee's Clover Leaf(R) brand is the overall leader across the canned seafood category.
Centre Partners, founded in 1986, with offices in New York City and Los Angeles, is a private equity firm with a middle market focus that seeks to make friendly acquisitions and equity-related investments alongside management teams who have or desire a meaningful economic stake in the future success of their business. Centre Partners and its affiliates have invested over $3 billion of equity capital in more than 80 private equity transactions.
The Dutch banker Rabobank International acted as adviser to Centre Partners in connection with the transaction.