Leading North American frozen seafood company, High Liner Foods, has acquired an Atlantic salmon importer with a view to doubling its sales in salmon products.
The acquisition of Atlantic Trading is strategic because it is one of the largest importers of frozen Atlantic salmon into the US. Its premium quality Atlantic salmon fillets and portions are sustainably sourced from Chile and Norway and sold in frozen raw (unprocessed) and value-added formats. The company is also a large importer of fresh salmon products.
"Our vision is to be the leading frozen seafood supplier in North America and a key component of our strategy is to acquire profitable and complementary businesses like Atlantic Trading," said Henry Demone, CEO, High Liner Foods.
"Atlantic Trading sources some of the finest Atlantic salmon available today and will enhance product offerings to our customers."
High Liner Foods expects the acquisition to more than double its sales in salmon products and for the margins on Atlantic Trading products to be comparable to those achieved on similar products sold by the company. Atlantic Trading's revenues range between US$75m and $80m annually.
The company said it does not anticipate making any changes to the operations of Atlantic Trading following the acquisition and expects the move to be immediately accretive to earnings, after considering the impact of incremental interest costs related to financing the acquisition.
