Thai Union Frozen Products has announced that it has agreed to buy tuna canning firm MW Brands for E680m, beating off competition from private equity firms Blackstone and Permira, as well as rival tuna maker Bolton Group. The deal is up for shareholder approval on 2 September, and TUF said it hopes to complete the acquisition by end-November.

MW Brands, owned by Trilantic Capital Partners, sells products under the John West, Petit Navire, Hyacinthe Parmentier and Mareblue brands. The company has leading market positions in France, the United Kingdom, Ireland, the Netherlands and Italy. The deal includes four processing plants in France, Portugal, Seychelles and Ghana, as well as five fishing vessels.

TUF noted, “We believe the combination of these two highly complementary businesses will unlock synergies and create a leading global seafood company with broader sources of supply and end-markets”. The deal boosts TUF’s European sales to more than one-third of its total, from just 11% currently.

NamNews - Wednesday 28th July 2010

 

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