The acquisition is expected to bolster High Liner Foods’ market leadership position in the foodservice segment of the US value-added frozen seafood industry, and also results in the company adding significant US-based scallop processing operations to its business portfolio.
High Liner Foods paid $34.5m in cash proceeds, subject to closing working capital adjustments, to acquire American Pride’s tangible assets, which principally include inventory, plant and equipment located in New Bedford, and excludes accounts receivables of approximately $15.5m, for a total enterprise value of approximately $50m.
Source: High Liner Foods
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