US food company ConAgra Foods has agreed to sell its Bumble Bee seafoods unit to a private investment group in a bid to divest its less profitable assets.
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Centre Partners Management, in conjunction with Bumble Bee’s management, agreed to buy the seafood unit for an undisclosed price. Bumble Bee generates around US$500m in annual revenue and is the number two US producer of canned tuna.
Omaha-based ConAgra acquired Bumble Bee three years ago as part of a $2.9bn deal for a number of products from International Home Foods.
“This transaction reflects our agenda to alter our portfolio to improve margins and returns,” Bruce Rohde, ConAgra’s chairman and chief executive officer, was quoted as saying by Reuters. “We expect to continue to make changes to our portfolio, capabilities and cost structure for the long-term benefit of our shareholders.”
The transaction includes the Bumble Bee, Orleans, Paramount and Clover Leaf brands, as well as Bumble Bee’s operating facilities in Canada, Ecuador, Puerto Rico and the US.
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