A day after its general announcement, frozen seafood processorHigh Liner Foods Incorporated, Lunenburg, N.S., said it has plans to acquireViking Seafoods, Inc. (Viking), a value-added foodservice company based in Malden, Mass. Officials said they expect to close the transaction within the next week.
Officials said Viking will complement High Liner's U.S. foodservice business, Fishery Products International (FPI).
High Liner said it expects to pay $31.5 million, subject to working capital adjustments, to acquire the private company, which in 2010 had net sales of approximately $40 million. The purchase price will not include Viking's plant in Malden, Massachusetts, which High Liner expects to lease.
"Our vision is to become the leading value-added frozen seafood company in North America. A key component of High Liner's overall growth strategy is to acquire complementary businesses that strengthen our market leadership position. This deal fits perfectly within that plan," said Henry Demone, High Liner president and CEO. "Viking is well-established in many key market segments, and known for offering its customers quality and value."
Viking brand products are distributed nationally in the U.S. to customers in the health care, education and commercial and independent restaurant markets.
Said Charles Gulino, Viking president, "We have long admired High Liner's U.S. foodservice division FPI and are excited to be joining forces with such a highly regarded and significant player in the market."