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High Liner Foods has agreed to acquire the Mrs Paul’s and Van de Kamp’s frozen breaded and battered fish brands from Conagra Brands for $55 million, including around $36 million in inventory.
The Canada-based frozen seafood company said the deal will strengthen its position in the US retail market, where it already co-manufactures products for both brands. The acquisition secures volume currently under a contract with Conagra that runs until 2027 and is expected to increase High Liner’s annual output from 25 million to approximately 29 million pounds of fish.
The transaction is expected to deliver incremental adjusted EBITDA of $4 million in 2026 and reach a run rate of $11 million in 2027, following synergies and efficiencies across the company’s operations. High Liner expects the deal to be slightly accretive to earnings starting in the second half of 2025.
Paul Jewer, president and CEO of High Liner Foods, said: "This is a highly strategic and compelling opportunity for High Liner Foods that will serve as a catalyst for further growth in the US retail market. By taking full ownership of these well established and respected brands, we will capture additional value for our shareholders and ensure a seamless transition for existing customers. We look forward to offering choice and value to an expanded portfolio of customers and consumers in the growing U.S market."
He added: "This strategic transaction is one example of the steps we are taking to position High Liner Foods for future growth, leveraging our healthy balance sheet today to secure profitable volume and incremental growth for years to come. We have a clear line of sight to significant synergies that will strengthen our performance over time through operational efficiencies and incremental sales opportunities."
The acquisition will be funded through High Liner’s existing asset-based lending facility and is expected to close by the end of June 2025, subject to customary closing conditions.