Thai Union Frozen Products (TUF) has agreed to acquire Bumble Bee Seafoods from pan-Atlantic private equity firm Lion Capital for $1.51bn.
An agreement to acquire 100% of the shares of Bumble Bee Foods has been reached by TUF.
Bumble Bee produces and sells canned, pouched and frozen seafood products across the United States and Canada. It currently employs over 1,300 people.
Headquartered in the US, Bumble Bee generates annual sales of approximately $1bn and estimated EBITDA for 2014 of $145m.
Lion Capital partner Lyndon Lea said: "Thai Union's acquisition of Bumble Bee Seafoods represents an exciting next step for the development of the business. We are proud to have played a significant role in the evolution of Bumble Bee over the last 4 years and would like to thank our partners, Chris and the management team, for helping us achieve such a successful return on our investment.
"We are particularly pleased to have found a strategic home for Bumble Bee with the proven expertise of Thai Union. Thai Union is uniquely qualified to build even greater growth and prosperity of the Bumble Bee business in the future."
The transaction will be closed after obtaining approval from the US antitrust authorities.
Following completion of the transaction, TUF and Bumble Bee will focus on enhancing operating efficiencies for material sourcing and production, innovation, and new product development, primarily in North American markets.
Image: Bumble Bee produces and sells canned, pouched and frozen seafood products. Photo: courtesy of akeeris / FreeDigitalPhotos.net.
