North American value-added frozen seafood company High Liner Foods Incorporated has completed its acquisition of the Mrs Paul’s and Van de Kamp’s frozen breaded and battered seafood brands from Conagra Brands Inc for the adjusted purchase price of US$ 42.4 million.
This purchase price is less than the $55 million initially disclosed, with the adjustment accounting for an estimated $23.8 million of inventory acquired by the company as part of the transaction on closing, compared to the normalised target of $36 million.
The inventory adjustment reflects normal seasonal shifts in inventory at the time of closing and is subject to a further post-closing adjustment, High Liner explained.
“The completion of this acquisition marks an exciting milestone for High Liner Foods,” said Paul Jewer, President and Chief Executive Officer of High Liner Foods. “As we integrate these two trusted brands into our portfolio, our focus now shifts to realising synergies, expanding our reach across the US retail market, and building an even stronger platform for long-term, sustainable growth.”
High Liner also confirmed the transaction secures the volume currently tied to its co-manufacturing agreement with Conagra, which is set to expire in 2027. With this acquisition, the company expects annual volume from this business to total approximately 29 million pounds of seafood sold in the US, and will provide expanded distribution and access to a new base of national retail customers.
The purchase was funded through High Liner Foods’ existing asset-based lending facility.
