Bumble Bee Foods Announces Completion of Acquisition by Lion Capital
According to President and Chief Executive Officer Chris Lischewski, under its new ownership, Bumble Bee will continue to pursue the expansion of its strong position in the North American and global seafood markets.
12/16/2010 --- Bumble Bee Foods announced the completion of the acquisition of all assets and operations of Bumble Bee Foods from Centre Partners Management LLC by funds advised by Lion Capital LLP. The acquisition, valued at $980 million, was made in partnership with members of Bumble Bee's senior management team.
Headquartered in San Diego, California, Bumble Bee is the leading producer and marketer of premium seafood in North America and one of the top 10 global branded seafood companies. The company produces and markets shelf-stable tuna, salmon, sardines, clams and other specialty seafood products under the Bumble Bee, Clover Leaf, Brunswick, Snow's, Beach Cliff, King Oscar and Sweet Sue brands.
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, Clover Leaf is the overall leader across the canned seafood category.
According to President and Chief Executive Officer Chris Lischewski, under its new ownership, Bumble Bee will continue to pursue the expansion of its strong position in the North American and global seafood markets. The company will achieve this by capitalizing on its low-cost operations, procurement strength, and well-recognized household brand names.
"We've had a great history with Centre Partners and are grateful for the growth we've realized through their investment and partnership over the past several years," said Lischewski. "This new chapter is an exciting one for us and we're pleased to formalize a new partnership with Lion Capital to further grow our business here in the United States and internationally."
Lischewski said that the company's global headquarters will remain in San Diego, California. "We have a strong management team and a dedicated work force – all of who contribute to our business success as well as our continued mission of improving our consumers' quality of life by providing sustainable, nutritious, convenient and affordable seafood," he said.
Bumble Bee employs 1,700 employees across eight facilities in the U.S., Canada and Puerto Rico.
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.
