Competitor buys Bumble Bee for $1.5B

[Omaha Steve]

Source: UT San Diego

By Roger Showley

The last of San Diego's iconic seafood companies, Bumble Bee Foods, has been sold to the Thailand owner of its competitor for $1.51 billion.

Thai Union Frozen Products, based in Bangkok, expects to close the deal in the second half of 2015. It is subject to U.S. antitrust approval, according to the statement from Bumble Bee.

Thai Union, which owns Bumble Bee’s competitor Chicken of the Sea, also based here, has agreed to buy all of the San Diego-based company’s shares from private equity firm Lion Capital LLP, Bumble Bee said in a statement Thursday. The acquisition would create the world’s largest branded seafood company.

Lion had bought Bumble Bee, which has 1,300 employees at various locations, from the private-equity firm Centre Partners for $980 million in 2010. Its corporate headquarters with 130 employees relocated just this year to the former Showley Bros. Candy Factory, adjacent to Petco Park, after an extensive renovation.

FULL story at link.

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Horatio, the Bumble Bee mascot, helps dedicate the company's new headquarters in April at the former Showley Bros. Candy Factory at Petco Park. Also joining in were Mayor Kevin Falconer, center, and former Mayor Jerry Sanders, right. Roger Showley

Read more: http://www.utsandiego.com/news/2014/dec/18/thai-union-buys-bumble-bee/

[Hoppy]

1. = less competition. Expect more sea legs in your tuna can.

[KoKo]

3. What are "sea legs?"

Do you mean they are adding non-tuna pieces into the canned tuna?

[Hoppy]

8. Sea legs, as they are called in N.J., are flakes of some cheap fish.

They are mixed in with lobster salad to fill it.

[dixiegrrrrl]

4. Also less quality regulations.

We have no way of knowing the quality of the tuna overseas, and no options for other brands.

[yeoman6987]

6. Thankfully I eat very little of it

Probably 10 cans a year at most.

[hatrack]

2. I'm sure this will do wonders for Thailand's OUTSTANDING sustainable fishing policies . . . .

[hunter]

5. Since being a slave or near-slave in the Thai fishing fleets is such wonderful work.

Look at all those smiling faces!



Wouldn't it be a lovely world if we could leave the oceans alone as wilderness?

[frylock]

7. sad. my grandfather used to work for the fleet here as a diesel mechanic..

even had his own small vessel for a time. glad he isn't around to see this happening.