Thai Union Frozen Products (TUF), the world's largest processor and exporter of canned and frozen seafood, has acquired MW Brands (MWB) from Trilantic Capital Partners.
MWB is one of the European leaders in tuna and other ambient seafood products through its brands John West, Petit Navire, Hyacinthe Parmentier and Mareblu. MWB is currently owned by Trilantic Capital Partners, an international private equity group with US$3.8 billion of assets under management.
Trilantic acquired MWB through a carve out of various entities from the US food producer Heinz in 2006. For the latest fiscal year, MWB generated sales of EUR448 million (US$582 million).
TUF will acquire MWB for EUR680 million (US$883 million).
TUF's tuna processing capacity will now amount to half a million tonnes of whole round fish making the combined group the largest canned tuna producer in the world.
Based on sales, TUF will be the largest seafood company in the world and will increase Europe's contribution to TUF's total sales from 11 percent to more than one third.
"Our fishing fleet will also double in size from four to nine vessels significantly improving our vertical integration and strategic access to tuna raw material," said Mr. Thiraphong Chansiri, president of TUF.