Thai Union Group (TUF) Announces the Acquisition of Bumble Bee Seafoods - The Largest Branded Shelf-Stable Seafood Company in North America

Bangkok, Thailand– 19 December, 2014 – Thai Union Frozen Products Public Company Limited (TUF), the world’s largest processor of shelf-stable tuna products, announced today that it has entered into a binding agreement to acquire 100 percent of the shares of North America’s largest branded shelf-stable seafood company – Bumble Bee Foods, LLC (Bumble Bee Seafoods), in a move which will enhance the Group’s portfolio of seafood products in the U.S and Canada. Bumble Bee Seafoods is privately owned by a Pan-Atlantic private equity firm - Lion Capital. TUF is acquiring the company for a total purchase price of USD 1.51 billion. Post Synergies, the transaction is valued at 8.6 times based on estimated EBITDA for 2014.

The Acquisition of Bumble Bee Seafoods will allow Thai Union Group to improve operating efficiencies in the areas of raw material sourcing and production, as well as advancing in innovation and new product development, particularly in North American markets.

According to Mr. Thiraphong Chansiri, President and CEO of TUF, “The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions. Upon completion, the transaction will be immediately accretive to TUF’s earnings and cash flows and will increase TUF’s group revenues by approximately 25%.

Bumble Bee Seafoods is a leading player in North American shelf-stable seafood; combining the business with Thai Union Group will lower costs, improve efficiency, and create the global leader in the shelf-stable seafood space. Our deep commitment is to define the future of innovative seafood products for many generations to come”.

“Thai Union has been present in the United States for over 17 years, and this acquisition is a sign of the company’s continued commitment to the 2nd largest seafood market in the world. We are a strategic investor with a long-term view of the market. We believe that, together, we will be able to reinvigorate the canned seafood category in North America", said CEO of Chicken of the Sea International, Mr. Shue Wing Chan.

Bumble Bee Seafoods, based in San Diego, CA, generates annual sales of approximately USD 1 billion and an estimated EBITDA of USD 145 million in 2014. The company has a workforce of more than 1,300 people, producing and selling canned, pouched and frozen seafood products across the United States and Canada.

Mr. Lyndon Lea, Partner of Lion Capital added, “Thai Union’s acquisition of Bumble Bee Seafoods represents an exciting next step for the development of the business. We are proud to have played a significant role in the evolution of Bumble Bee Seafoods over the last 4 years and would like to thank our partners, Chris and the management team, for helping us achieve such a successful return on our investment. We are particularly pleased to have found a strategic home for Bumble Bee Seafoods with the proven expertise of Thai Union. Thai Union is uniquely qualified to build even greater growth and prosperity of Bumble Bee Seafoods business in the future.”

Mr. Chris Lischewski, President and CEO of Bumble Bee Seafoods stated, “I have always believed that Thai Union and Bumble Bee Seafoods represented a natural combination given the synergies that exist between our organizations. We share a strong vision towards innovation, operational excellence, sustainability and value for our consumers, which is one of the many reasons this combination is good news for our customers, consumers and the industry as a whole. Importantly, we commit to uphold the indispensable role as one of the world’s leaders in providing responsibly harvested and processed seafood.”

The closing of the acquisition remains subject to clearance by the United States antitrust authorities and other closing conditions set forth in the acquisition agreement. While a definitive closing date cannot yet be determined, Thai Union Group and Bumble Bee Seafoods expect that the transaction will close in 2H/2015.

UBS acted as M&A advisor for TUF. Morgan Stanley and Rothschild acted as financial advisors for Bumble Bee.

About TUF

Thai Union Frozen Products Public Company Limited or TUF is the world’s seafood expert bringing high quality, safe, delicious and convenient seafood products to customers across the world for over 37 years.

Today, TUF is regarded as the world’s largest producer of shelf-stable tuna products with annual sales exceeding THB 100 billion (USD 3.66 billion) and a global workforce of over 35,000 people who are dedicated to pioneering sustainable, innovative seafood products.

The company is dedicated to producing sustainable, convenient and quality seafood products for healthy, happy families everywhere - its brand portfolio includes Thai-leading brands Sealect, Fisho and Bellotta; as well as highly recognized international brands Chicken of the Sea, John West, King Oscar, Petit Navire, Parmentier, Mareblu, and Century.

As a company committing to innovation and globally responsible business practices, TUF is proud to be a member of the UN Global Compact, a founding member of the International Seafood Sustainability Foundation (ISSF) and a recognized member of Dow Jones Sustainability Indices (DJSI) Emerging Markets 2014 – the first and only Thai company in the food products sector to be awarded.

For more information, please visit www.thaiuniongroup.com

or contact: Thai Union Frozen Products PCL Tel: +66 2 298 0024 
Ms. Sasinan Allmand 
Head of Corporate Communications 
T: +66 2 298 0024 ext.568
F: +66 2 298 0024 ext. 679 
E: sasinan_al@thaiunion.co.th

About Bumble Bee

Bumble Bee Seafoods was founded in 1899 by a handful of dedicated fishermen. Today, privately held and headquartered in the United States, Bumble Bee Seafoods is North America’s largest branded shelf-stable seafood company, offering a full line of canned and pouched tuna, salmon, sardines, and specialty seafood products marketed in the U.S. under leading brands including Bumble Bee®, Brunswick®, Sweet Sue®, Snow’s®, Beach Cliff®, Wild Selections®, Bumble Bee SuperFresh®, and in Canada under the Clover Leaf® brand. The Bumble Bee® brand has established significant consumer awareness and loyalty based on the quality, nutritional value, and affordability of its products.

Bumble Bee®’s headquarters are in San Diego, California.

In addition to investing in our employees and our local communities, Bumble Bee® is dedicated to promoting the importance of leading a healthy lifestyle and preserving our precious resources. For more information, please visit http://www.bumblebee.com

For more information, contact: 
Megan Verardi, FleishmanHillard 
T: +1 (415) 318-4000 
E: megan.verardi@fleishman.com

About Lion Capital

Lion Capital is a consumer-focused investor passionate about driving growth through strong brands. With offices in Los Angeles and London, the firm’s principals have led the investment of €6 billion in more than 30 businesses and more than 100 consumer brands across North America and Europe. Lion’s focus on market-leading consumer-facing companies has led to investments in such well-known brands as Kettle Foods, a leading producer of all-natural snacking products; John Varvatos, the award-winning men’s lifestyle brand; Perricone MD, a premium anti-aging skincare brand; Jimmy Choo, the luxury shoe and accessories retailer; and AllSaints, a leading contemporary fashion brand with a global store network. Lion Capital works in partnership with the management of its companies to strategically transform the businesses in which it invests.

For more information, please visit www.lioncapital.com

or contact:

UK / EU Contact 
Hugh Morrison
Montfort Communications
T: +44 (0)7739 655492  
E:morrison@montfortcom.com

US Contact 
Chloe Gatta
Hiltzik Strategies 
T: +1 212-430-5053 
E: cgatta@hstrategies.com