Canned tuna maker Thai Union Frozen Products has acquired Norway’s King Oscar for an undisclosed amount.
The deal is expected to close in the fourth quarter of the year. It is expected to increase TUF’s group revenues by 2%. King Oscar is a canned fish supplier with a presence in the US, Poland, Belgium and Australia.
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This is the second European investment from TUF in weeks. On 4 September the firm announced the acquisition of French smoked salmon producer MerAlliance.
Thiraphong Chansiri, president and CEO of TUF, said with the firm’s current pace of business expansion he was confident it would hit its US$8bn revenue target by 2020 “if not before”.
The King Oscar management team will join Thai Union and continue to develop the brand.
Geir-Arne Asnes, CEO of King Oscar, said the firm shared the “same vision as TUF” of “technological advancement on innovation and premium quality focus”.
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By GlobalData“The acquisition is firmly in our target market of brand expansion and is uniquely synergistic to TUF’s strengths… Now we will be part of one of the strongest seafood companies in the world,” he said.
