Umios to acquire High Liner Foods to expand North American seafood business

High Liner Foods has agreed to be acquired by Japanese seafood group Umios in a deal aimed at strengthening both companies’ positions in the North American seafood market.

The agreement brings together Umios’ global seafood sourcing capabilities and High Liner’s expertise in processing, product development, and supplying value-added frozen seafood to retail and foodservice customers. The companies expect the combination to support broader customer offerings and further investment in product innovation.

High Liner’s established brands, including its Sea Cuisine range, will remain part of the business under the proposed deal. Umios — one of the world’s largest seafood and marine-protein companies and a longstanding supplier to High Liner Foods — also plans to maintain High Liner’s headquarters in Nova Scotia and invest in its operations and growth initiatives.

Deal terms and shareholder approval

Under the agreement, 4856442 Nova Scotia Limited, a newly formed, wholly owned subsidiary of Japan’s Umios Corporation, will acquire all of High Liner Foods’ issued and outstanding common shares for C$27 (US$19.21) per share in cash, subject to required approvals and other closing conditions.

The transaction reflects the strategic importance of combining reliable seafood sourcing with processing capabilities and consumer-focused product development as suppliers look to meet demand for convenient, value-added seafood products.

“Umios’ offer recognizes the value of High Liner Foods’ business and its future potential, delivering a substantial premium and certainty of cash value to our shareholders,” says Robert Pace, chair of the Board and chair of the Special Committee. 

“As part of our competitive review process, we assessed competing proposals alongside the company’s prospects as an independent business and concluded that Umios’ offer represents the best value for shareholders while supporting High Liner Foods’ next phase of growth,” he says.

Paul Jewer, president and CEO of High Liner Foods, adds: “Joining a global seafood leader gives us the scale, sourcing capabilities, and investment capacity to pursue our ambitions in an industry poised for growth. Umios’ commitment to keeping our headquarters in Nova Scotia and its plans to invest in our people and the business give us confidence that this is the right path forward for High Liner Foods and our stakeholders.”