High Liner Foods Incorporated Completes Acquisition Of U.S. Seafood Brands

LUNENBURG — High Liner Foods Incorporated, a North American frozen seafood company, announced the completion of its previously announced acquisition of the Mrs. Paul’s and Van de Kamp’s frozen breaded and battered seafood brands from Conagra Brands, Inc. for the adjusted purchase price of USD $42.4 million, compared to the USD $55 million initially disclosed.

The adjusted purchase price accounts for an estimated USD $23.8 million of inventory acquired by the Company as part of the transaction on closing, compared to the normalized target of $36 million. High Liner Foods says that the inventory adjustment reflects normal seasonal shifts in inventory at the time of closing and is subject to a further post-closing adjustment.

“The completion of this acquisition marks an exciting milestone for High Liner Foods,” said Paul Jewer, President and Chief Executive Officer of High Liner Foods. “As we integrate these two trusted brands into our portfolio, our focus now shifts to realizing synergies, expanding our reach across the U.S. retail market, and building an even stronger platform for long-term, sustainable growth.”

As previously disclosed, the transaction secures the volume currently tied to High Liner Foods’ co-manufacturing agreement with Conagra, which is set to expire in 2027. With this acquisition, the Company says it expects annual volume from this business to total approximately 29 million pounds of seafood sold in the U.S., and will provide expanded distribution and access to a new base of national retail customers. The transaction is estimated to deliver USD $11 million annual run rate Adjusted EBITDA in 2027, inclusive of current contract margin, incremental contribution margin and net cost synergies.

The purchase was funded through High Liner Foods’ existing asset-based lending facility.