High Liner Foods, a leading North American value-added frozen seafood company headquartered in Lunenburg, Nova Scotia, has entered into a purchase agreement to acquire the Mrs. Paul’s and Van de Kamp’s frozen seafood businesses from Conagra Brands for US $55 million, inclusive of approximately $36 million in inventory. The purchase price is subject to a customary inventory adjustment.
The deal does not include manufacturing facilities or employees. Products that are part of the transaction contributed approximately $75 million to Conagra’s fiscal year 2024 net sales.
“This is a highly strategic and compelling opportunity for us that will serve as a catalyst for further growth in the US retail market,” said Paul Jewer, High Liner’s president and chief executive officer. “By taking full ownership of these well established and respected brands, we will capture additional value for our shareholders and ensure a seamless transition for existing customers. We look forward to offering choice and value to an expanded portfolio of customers and consumers in the growing US market.”
“This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation,” said Sean Connolly, president and chief executive officer of Chicago, Illinois-headquartered Conagra Brands. “Van de Kamp’s and Mrs. Paul’s operate largely as a stand-alone seafood business, and this divestiture allows us to further focus our efforts on strengthening our core frozen offerings.”
High Liner Foods currently co-manufactures an average of 25 million pounds of Mrs. Paul’s and Van de Kamp’s breaded and battered fish products at its plants in the United States. The transaction with Conagra secures the volume associated with the current production contract, which is due to expire in 2027. It is anticipated to increase High Liner’s annual volume from this business to approximately 29 million pounds of fish procured, processed and sold in the US, aligned with the company’s strategy to continue to diversify its global supply chain.
