Largest Deal Ever In Tuna History Concludedff

$980 Million Sale of Bumble Bee to Lion Capital Completed

Source: PRNewswire


Centre Partners Management LLC has announced the completion of the sale of the operating companies of Bumble Bee Foods to funds advised by Lion Capital (“Lion”) for a purchase price of $980 million.  Bumble Bee is North America’s leading supplier of shelf-stable seafood and one of the world’s top 10 branded seafood companies. This makes this financial transaction – just short of the 1 billion dollar mark - the largest-ever deal concluded within the history of the global canned tuna industry.

Founded in 1897 and headquartered in San Diego, California, Bumble Bee maintains leadership positions in virtually every segment of the U.S. and Canadian shelf-stable seafood market.  The company produces and markets shelf-stable tuna, salmon, sardines, clams and other specialty seafood products that are sold under the Bumble Bee®, Clover Leaf®, Brunswick®, Snow’s®, Beach Cliff®, King Oscar® and Sweet Sue® brands. Its best-known brands, Bumble Bee and Clover Leaf, are iconic market leaders and enjoy nearly 90 percent consumer awareness levels in the U.S. and Canada, respectively.

Bumble Bee’s diverse product offering is sold at every major U.S. and Canadian food retailer and food distributor, including supermarkets, mass merchandisers, drug stores, warehouse clubs and dollar stores.  The company has 1,700 employees across 8 facilities in the U.S., Canada and Puerto Rico and in 2009 generated over $940 million of net revenue.

Scott Perekslis, Senior Partner at Centre Partners said: “We are pleased to consummate this transaction and realize the success that Bumble Bee has experienced during our recent ownership.  We have enjoyed a long and fruitful partnership with Bumble Bee’s management team, led by Chris Lischewski.  Mr. Lischewski and his team have delivered or exceeded the aggressive objectives we mutually set forth at the outset.  We believe that this recent track record will provide the momentum for continued growth, and we wish the company every success in the years to come.”

Bumble Bee Chief Executive Officer Chris Lischewski added: “We are proud of our accomplishments with Centre Partners, who brought a unique depth of experience investing in branded consumer businesses and the food sector.

The firm’s financial support and expertise enabled us to accelerate our growth plans for the business, while allowing us to maintain our focus on operational excellence.  This transaction is a clear endorsement of the collective efforts to further strengthen the business and position it for future growth.”

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.

This record transaction between Centre Partners and Lion exceeds the deal made earlier this year in July between Thailand’s Thai Union Frozen and UK’s Trilantic Capital Partners, over the sale of the MW Brands, one of the European leaders in canned tuna and other seafood products through its brands - John West, Petit Navire, and Mareblu.

The third largest deal was done end of June 2008 , when U.S. based Del Monte Foods Co said it agreed to sell US based StarKist tuna, to South Korea’s Dongwon Enterprise for $363 million.