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Bumble Bee Seafoods Announces Completion of Acquisition by Lion Capital

$980 Million Transaction for North America's Largest Branded Seafood Company

SAN DIEGO, CA (December 15, 2010) – Bumble Bee Seafoods announced the completion today of the acquisition of all assets and operations of Bumble Bee Seafoods 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 , 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 market. 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 Seafoods was advised by J.P. Morgan and Dechert LLP.

 

About Bumble Bee Seafoods

Bumble Bee Seafoods, headquartered in San Diego, is North America’s largest branded shelf-stable seafood company, offering a full line of canned and pouched tuna, salmon, sardine, and specialty protein products marketed in the U.S. under leading brands including , Brunswick®, Snow’s® and Beach Cliff®, and in Canada under the Clover Leaf® brand. The Bumble Bee brand has established significant consumer awareness and loyalty based on the quality, nutritional value and affordability of its products.

 

Bumble Bee is a founding member of the Healthy Weight Commitment Foundation—a first-of-kind initiative in the U.S. involving a coalition of retailers, non-profit organizations and food and beverage manufacturers with a mission to help reduce obesity, particularly childhood obesity by 2015. Bumble Bee also actively promotes the responsible stewardship of global fisheries resources and is a founder of the International Seafood Sustainability Foundation (ISSF)—a global partnership of scientists, tuna processors and WWF, the global conservation organization.

 


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A note from our CEO about COVID-19x
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Bumble Bee Seafood Logo

The coronavirus has changed life, as we knew it, forever. Most people will be touched in some way by the pandemic either physically, emotionally or financially. We’ve all heard heart-breaking stories from around the world about lives that have been lost and severe financial hardships caused by the sudden shutdown of so many businesses.

On behalf of all our team members around the globe, we extend our deepest sympathies to all that are struggling through personal challenges, whatever they may be, and we offer our sincerest gratitude to all the heroes who are helping those in need.

We’d also like to add how important it is for everyone to continue to do their part to slow the spread. Physical distancing is critical, and we must all take this seriously. We use the word “physical” because staying away from people in a physical way does not mean we should be neglecting the importance of social interactions, compassion and patience.

We are one of the largest providers of shelf-stable seafood and it is our honor and our responsibility to do our part, in every way we can, to help to keep people fed with affordable, nutritious protein. To that end, we’re continuing to run our factories in the US and Canada while our partners around the world continue to provide supply.

We take great pride in being a “people-first” company, so our decision to continue operations is done with utmost concern for the people making it possible. We’ve enhanced our safety measures to meet or exceed CDC guidelines and we have increased wages in our factories to assist employees dealing with the incremental costs of working and new, unexpected demands on their households.

We also take great pride in producing healthy, nutritious and safe products for our customers. Please know the manufacturing practices we follow year-round protect our both employees and the products they produce. Our facilities have very few people-to-product interactions, all products are sterilized in a high temperature oven and then packaged in highly automated production lines.

Beyond Bumble Bee, we’re continually looking for ways to extend our “people first” approach to make a meaningful impact. With so many people in need, we know this effort is more important than ever. We’re starting by donating more than $1 million in product to food banks in both the US and in Canada. And we will be looking for more opportunities to make a positive difference in the days to come.

Finally, I want to thank you, our loyal and new customers, for your support. We hope you find the recipes on our website helpful and easy to prepare. I also want to send a sincere thank you to our Bumble Bee Team and our valued supply partners around the world for their tireless efforts, particularly those working in sales, manufacturing, distribution and all our support roles, ensuring we can keep store and pantry shelves stocked.

Please continue to do your part to keep yourselves and your families safe during this truly unprecedented time.

With Gratitude,
Jan
CEO, Bumble Bee Seafoods