Thai Union Group has acquired a 45% holding in DPR Group, a Russia-based seafood business, for US$16m.
The transaction by Thai Union, which manufactures the John West tuna brand, will be conducted through TUMD Luxembourg, the owner of the Dalpromryba Ltd Liability Company, the Torgovo-Promyshlenny Kompleks “Dalpromryba” Ltd Liability Company, and the Maguro Ltd Liability Company, collectively known as DPR Group.
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Under the deal, which is still subject to approval by the Russian Federal Anti-Monopoly Service, Thai Union will have a series of options to increase the stake to 51% and thereafter to 80% over the next three years.
Thai Union made the announcement in an earnings release for the first quarter, when its sales dropped 5.5% to THB29.7bn (US$932.2m). Net profit fell more than 39% to THB869m.
DPR is Russia’s leading canned tuna producer with annual sales of around $45m. The company operates in the frozen and ambient segments, and owns brands such as Maguro, Captain of Tastes and Rybar.
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Thai Union said its investment in DPR will give the Thailand-based company ”critical coverage of almost all key European seafood markets” and more access to emerging countries.
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By GlobalDataIn turn, DPR will seek to double sales to US$100m in the nest five years.
