Bumble Bee Foods announced Friday it successfully completed a sale of its assets to an affiliate of long-time partner, FCF Fishery, a worldwide producer and distributor of seafood products. FCF acquired the company’s North American assets for $928 million (€841.9 million) in the transaction, which closed Friday, the companies announced.
“This day marks an exciting new chapter for Bumble Bee, our loyal customers, trusted partners and our valued employees,” said Jan Tharp, CEO for Bumble Bee.
“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.”
The deal requires the buyer to assume responsibility for a plea agreement Bumble Bee signed with federal prosecutors in relation to a price fixing scandal involving Bumble Bee and rivals Chicken of the Sea and Starkist.
The sale comes a few months after the iconic seafood brand filed for Chapter 11 bankruptcy protection.
“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," said FCF president Max Chou, following the deal.
FCF’s acquisition of Bumble Bee strengthens both companies' best-in-class sustainability and social responsibility efforts, the entities said. It puts us at an advantageous position for sustained growth and leadership throughout the tuna and seafood industries.”
