Clifford Chance has advised Thai Union Frozen Products PCL (Thailand), the world’s largest producer of shelf-stable tuna products with sales exceeding USD 3.66 billion, on the acquisition of 100% of the shares in King Oscar Holding AS (Norway) from private equity fund Procuritas Capital Investors IV.
The transaction is expected to close later this year pending relevant antitrust approvals. The parties have agreed not to disclose the purchase price.
King Oscar is one of the leading canned fish suppliers in Norway, USA, Poland, Belgium and Australia and posted sales of USD 80 million in 2013.
With headquarters in Bergen (Norway), King Oscar has two production facilities in Gniewino (Poland) and Svolvær (Norway) with a total combined production capacity of 135 million cans and a workforce of 500 people, producing and selling 90 million cans per year covering 16 markets globally. It is amongst the top ten strongest seafood brands in the world.
The deal gives Thai Union – which already owns seafood brands John West, Parmentier, Petit Navire, Mareblu, Chicken of the Sea and Sealect – a greater foothold in Scandinavia, as well as a manufacturing footprint in Poland.
The Clifford Chance team comprised partner Jan F. Wrede, counsel Gwendolyn Müller and associate Regina Goebel (all Corporate/M&A, Munich). The team also included lawyers from the Clifford Chance offices in Warsaw, Brussels and New York. Advice on Norwegian law was provided in cooperation with the Norwegian law firm BA-HR DA.