$928M transaction of Bumble Bee’s North American assets closed Friday
KAOHSIUNG, Taiwan—FCF Co. Ltd., one of the world’s largest integrated marine industry supply-chain service providers, announced Friday that it has acquired Bumble Bee Foods, a 120-year old marketer of seafood and specialty protein products sold in the U.S., Canada, and throughout the world. There are no anticipated changes to the current Bumble Bee headquarters in San Diego, California.
“We are confident that Bumble Bee, under the thoughtful leadership of its president and CEO, Jan Tharp, will continue to build on its storied history of delivering innovative, high quality, and sustainable seafood products to customers,” said FCF president Max Chou. “The company is poised for future growth and profitably, and we anticipate strong collaboration and interaction between FCF and Bumble Bee for the long-term.”
According to Chou, the partnership is a natural one, as the two companies have enjoyed a productive supplier-purchaser relationship for more than 30 years and share a commitment to sustainability and global fisheries conservation.
Specifically, to achieve the most up- to-date and internationally recognized Marine Stewardship Council standards, the companies have been working together on Fisheries Improvement Projects for tuna longline fisheries in the Pacific and Indian Oceans. Both FCF and Bumble Bee will continue their active participation in the Seafood Task Force, and remain committed to implementing a new “FCF Social Responsibility Program” at various locations, including Taiwan, Mauritius, and Fiji.
“This is just the beginning of the journey,” Chou said. “FCF’s acquisition of Bumble Bee strengthens our best-in-class sustainability and social responsibility efforts, and puts us in an advantageous position for sustained growth and leadership throughout the tuna and seafood industries.”
FCF wishes to thank Moelis & Company LLC, serving as exclusive financial adviser and investment banker to FCF in the transaction, as well as The Giannuzzi Group, LLP, serving as U.S. M&A counsel; Rosen & Associates, P.C., serving as U.S. bankruptcy counsel; Davies Ward Phillips & Vineberg LLP, serving as Canadian counsel; Baker and Miller, PLLC, serving as antitrust counsel; and, Parks & Solar, LLP, serving as industry counsel. (PR)