Value-added frozen seafood company, High Liner Foods, has acquired the principal assets and operations of American Pride Seafoods from American Seafoods Group, for $34.5 million.
American Pride is primarily a value-added frozen seafood foodservice and scallop processing business based in New Bedford, MA.
Henry Demone, CEO of High Liner Foods said in a statement that High Liner’s vision is to be the leading frozen seafood supplier in North America and that a key component of the company’s strategy is profitable growth through acquisitions like American Pride.
"American Pride is well-established in many key market segments and known for offering its customers quality and value. This transaction should create incremental value for our shareholders and bring us one step closer to achieving our vision", said Mr Demone. With this acquisition the company adds significant US-based scallop processing operations to its business portfolio
High Liner Foods plans to delay the integration of this acquisition into its business and will operate American Pride without any substantial changes until 2015, allowing the company to fully integrate Icelandic USA first, which it acquired in Q4 2011.
