SAN DIEGO, CA, May 19, 2003 – Bumble Bee Seafoods, LLC and affiliates today announced the acquisition of the assets and operations of Bumble Bee Seafoods, Inc. ("Bumble Bee") from affiliates of ConAgra Foods, Inc. ("ConAgra"). The acquisition, which was led by private investment firm Centre Partners Management LLC and its affiliates ("Centre Partners") in partnership with members of Bumble Bee’s senior management team, includes all key assets of Bumble Bee including the Bumble Bee®, Orleans®, Clover Leaf®, and Paramount® brands.

With over $500 million in annual revenues, Bumble Bee is the number one producer and marketer of canned albacore tuna, canned salmon, and specialty canned seafood products in the U.S. under the Bumble Bee® brand. The company has the number two position in the overall tuna segment in the U.S. and is the canned seafood leader in Canada under the Clover Leaf® brand.

"The decision by ConAgra to sell Bumble Bee is consistent with its strategy to shift the mix of its brands and businesses over time," said Christopher D. Lischewski, president and chief executive officer of Bumble Bee. "Under its new ownership, Bumble Bee will continue to pursue the expansion of its strong position in the global seafood market by capitalizing on its low cost operations, procurement strength, and well-recognized household brand names. Led by a strong management team and supported by a dedicated work force of approximately 3,000 people worldwide, Bumble Bee is a clear leader in the North American seafood industry. Our core products are a staple in virtually every North American household."

With respect to the transaction, Lischewski said, "Centre Partners and Bumble Bee’s management team have partnered to complete this acquisition in support of management’s goal to strengthen Bumble Bee’s position as the leading branded seafood company in North America."

Bumble Bee Seafoods, LLC, headquartered in San Diego, is the leading full-line branded canned seafood company in North America. Bumble Bee’s brands have established significant consumer awareness and loyalty based on the superior quality of its seafood products. For more information on Bumble Bee, please visit us at www.bumblebee.com.

Centre Partners, founded in 1986, with offices in New York City and Los Angeles, is a private equity firm with a middle market focus that seeks to make friendly acquisitions and equity-related investments alongside management teams who have or desire a meaningful economic stake in the future success of their business. Centre Partners and it affiliates have invested over $3 billion of equity capital in more than 80 private equity transactions. For more information on Centre Partners, please visit www.centrepartners.com.