FCF CO., LTD., Largest Tuna Supplier in Western Pacific, acquires Bumble Bee Foods
$928M transaction of Bumble Bee’s North American assets closed today
KAOHSIUNG, TAIWAN (January 31, 2020) — FCF CO., LTD. (FCF), one of the world’s largest integrated marine industry supply-chain service providers, announced today that it has acquired Bumble Bee Foods (Bumble Bee), a 120-year old beloved marketer of seafood and specialty protein products sold in the U.S., Canada, and throughout the world. There are no anticipated changes to the current Bumble Bee 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.”
According to Chou, the partnership 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.
Specifically, to achieve the most up- to-date and internationally recognized Marine Stewardship Council (MSC) standards, 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 (STF), 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.”
FCF wishes to thank Moelis & Company LLC, serving as exclusive financial advisor and investment banker to FCF in the transaction, as well as The Giannuzzi Group, LLP, serving as U.S. M&A counsel; Rosen & Associates, P.C., serving as U.S. bankruptcy counsel; Davies Ward Phillips & Vineberg LLP, serving as Canadian counsel; Baker and Miller, PLLC, serving as antitrust counsel; and, Parks & Solar, LLP, serving as industry counsel.
About FCF CO., LTD.
FCF CO, LTD. (FCF), a Taiwanese company, is one of the world’s largest integrated supply-chain service providers for the marine products industry. With 40-plus years of experience in the trading and marketing of tuna products, FCF has established more than 30 subsidiaries, fishing bases and shipping agents throughout the world to serve its customers. As an industry leader in sustainability, traceability, and social responsibility, FCF works closely with governments and non-governmental organizations to ensure the environmental sustainability of tuna stock and marine life around the globe. FCF is ranked #11 out of 30 companies in the 2019 Seafood Stewardship Index by World Benchmarking Alliance (founded by Aviva, Index Initiative and the UN Foundation). On the web at http://www.fcf.com.tw/.
About Bumble Bee Foods
Bumble Bee is on a mission to create a new generation of seafood lovers by delivering delicious, healthy and sustainable seafood options in innovative ways. As an industry leader in sustainability, Bumble Bee works to protect the health of our oceans, marine life and the fishing community through multiple efforts, including the development of dolphin-safe fishing practices, partnerships with organizations like World Wildlife Fund, the Marine Stewardship Council, the Global Ghost Gear Initiative, and as a founder of the International Seafood Sustainability Foundation (ISSF), a global partnership of scientists, tuna processors.
Bumble Bee’s full line of seafood and specialty protein products are marketed in the U.S., Canada and over 50 markets globally under leading brands including Bumble Bee®, Brunswick®, Clover Leaf®, Snow’s®, Wild Selections® and Beach Cliff®. For more information visit www.BumbleBee.com.
Margie M. Newman