FCF acquires Bumble Bee Foods for $928m

Taiwan-based seafood product distributor FCF has acquired all the assets of Bumble Bee Foods for $928m.

Bumble Bee Foods, based in North America, offers seafood and speciality protein products.

It has operated for more than a century. It supplies seafood and speciality protein products in the US and Canada, as well as in the overseas markets.

Its offers its products under various brands including Bumble Bee, Brunswick, Clover Leaf, Snow’s, Wild Selections and Beach Cliff.

Bumble Bee Foods president and CEO Jan Tharp said: “This day marks an exciting new chapter for Bumble Bee, our loyal customers, trusted partners and our valued employees.

“We have taken several positive steps this past year to transform the company with a focus on innovation and growth. This sale enables us to continue down that exciting and promising path.”

Bumble Bee will remain headquartered in San Diego, California.

For more than four decades, FCF has been in the business of trading and marketing of tuna products. The company has established more than 30 subsidiaries and shipping agents in the global market.

It works with government and non-governmental organisations to ensure the environmental sustainability of tuna stock and marine life internationally.

FCF president Max Chou said: “We are confident that Bumble Bee, under the thoughtful leadership of its President and CEO, Jan Tharp, will continue to build on its storied history of delivering innovative, high quality, and sustainable seafood products to customers.

“The company is poised for future growth and profitably, and we anticipate strong collaboration and interaction between FCF and Bumble Bee for the long-term.”

FCF and Bumble Bee have agreed to continue their participation in the Seafood Task Force. The Seafood Task Force seeks to be a well-balanced group with stakeholders in ethics, fisheries and aquaculture supply chains.

The deal was first announced last November. This came after Bumble Bee Foods initiated proceedings under chapter eleven of the US Bankruptcy Code in the District of Delaware, to facilitate its sale and reduce its debt burden.