In a stock-exchange filing today (20 May), Thai Union, which acquired 51% of Rügen Fisch five years ago, said it had struck a deal to buy the 49% of the business it did not already own.
Thai Union bought the shareholding from two investors: SME Equity GmbH, which owned a 38.2% stake in Rügen Fisch; and RüCo Verwaltungs, which held the rest.
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In the filing, Thai Union said the price it paid for the 49% shareholding equated to 2.9% of the value of its total net assets as of 31 March. “The company determined the purchase price of Rügen Fisch AG’s shares based on the same criteria of the first 51% investment as disclosed … in 2015, which was equivalent to 6.5 times of Rügen Fisch AG’s EBITDA,” it said.
“After this transaction, the company, through Thai Union Germany GmbH, become a sole shareholder of Rügen Fisch. Thai Union is expecting to drive and accelerate business strategy and increase synergies of the company group.”
Rügen Fisch supplies ambient and chilled fish including herring, mackerel, salmon and tuna. Thai Union said the company sells into “all of the leading retailers” in Germany brands such as Rügen Fisch, Hawesta and Lysell. The German firm also has “a significant private-label business”, Thai Union added.
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