High Liner Foods Incorporated, a North American company specializing in value-added frozen seafood, has announced the acquisition of Mrs. Paul’s and Van de Kamp’s brands from Conagra Brands for $55 million. This transaction includes approximately $36 million in inventory and is subject to a customary inventory adjustment.
“This is a highly strategic and compelling opportunity for High Liner Foods that will serve as a catalyst for further growth in the U.S retail market,” stated Paul Jewer, President and CEO of High Liner Foods. He emphasized the potential benefits of capturing additional value for shareholders and ensuring a smooth transition for existing customers.
The acquisition secures High Liner Foods’ existing contract manufacturing business with these brands, which averages 25 million pounds annually. The company expects to increase its annual volume to approximately 29 million pounds of fish processed and sold in the U.S., aligning with its strategy to diversify its global supply chain.
The transaction is anticipated to deliver an estimated annual run rate Adjusted EBITDA of $11 million by 2027, inclusive of current contract margin, incremental contribution margin, and net cost synergies. Incremental Adjusted EBITDA for 2026 is projected at around $4 million on top of existing margins. The deal is expected to be slightly accretive to Adjusted EBITDA starting in the second half of 2025.
Mrs. Paul’s and Van de Kamp’s are well-known brands in the U.S. frozen breaded and battered category. High Liner Foods plans to leverage their strong consumer awareness to drive sales through an expanded distribution network.
Funding for this transaction will come from High Liner Foods’ existing ABL facility, with closing expected by the end of June 2025, pending customary conditions.
“This strategic transaction is one example of the steps we are taking to position High Liner Foods for future growth,” added Mr. Jewer.
BMO Capital Markets served as exclusive financial advisor, while Goodwin Procter LLP provided legal counsel to High Liner Foods regarding this transaction.