TAIWAN – FCF Company, one of the world’s largest integrated marine industry supply-chain service providers based in Taiwan has acquired seafood and specialty protein company Bumble Bee Foods for US$928 million.
In November last year, Bumble Bee Foods filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with FCF as part of the seafood processor’s strategy to reduce its debt burden caused by recent and significant legal challenges.
FCT said that as the new owner of the Bumble Bees assets, it does not intend to no change the company’s current headquarters located in San Diego, California.
“We are confident that Bumble Bee, under the thoughtful leadership of its President and CEO, Jan Tharp, will continue to build on its storied history of delivering innovative, high quality, and sustainable seafood products to customers,” said FCF president Max Chou.
“The company is poised for future growth and profitably, and we anticipate strong collaboration and interaction between FCF and Bumble Bee for the long-term.”
“This day marks an exciting new chapter for Bumble Bee, our loyal customers, trusted partners and our valued employees,” said Jan Tharp, President and Chief Executive Officer for Bumble Bee Foods.
“We have taken several positive steps this past year to transform the company with a focus on innovation and growth. This sale enables us to continue down that exciting and promising path.”
Bumble Bee Foods has been in the seafood business for the past 120 years and markets its seafood and specialty protein products in the US, Canada, and throughout the world.
According to Chou, FCF’s partnership with Bumble Bee is a natural one, as the two companies have enjoyed a productive supplier-purchaser relationship for more than 30 years and share a commitment to sustainability and global fisheries conservation.
The companies have been working together on Fisheries Improvement Projects (FIPs) for tuna longline fisheries in the Pacific and Indian Oceans.
Both FCF and Bumble Bee will continue their active participation in the Seafood Task Force and remain committed to implementing a new “FCF Social Responsibility Program” at various locations, including Taiwan, Mauritius, and Fiji.
“This is just the beginning of the journey,” Chou said.
“FCF’s acquisition of Bumble Bee strengthens our best-in-class sustainability and social responsibility efforts, and puts us in an advantageous position for sustained growth and leadership throughout the tuna and seafood industries.”