Seafood maker High Liner buys American Pride brand for $34.5M
Deal includes processing plant and equipment in New Bedford, Mass.
LUNENBURG, N.S.—High Liner Foods Inc. is expanding its footprint south of the border, announcing the $34.5-million acquisition of frozen seafood processor American Pride Seafoods.
Subject to closing conditions, the deal includes a processing plant and equipment in New Bedford, Mass., about 100 kilometres south of Boston.
“Our vision is to be the leading frozen seafood supplier in North America and a key component of High Liner Foods’ strategy is profitable growth through acquisitions like American Pride, that complement our business and should strengthen our leadership position within the seafood industry,” High Liner CEO Henry Demone said in a statement.
American Pride, which sees its brands primarily distributed to food service customers in the United States in the restaurant, health care and education markets, had revenues of approximately $190-million in 2012.