Lunenburg, Nova Scotia-based High Liner Foods has acquired the Mrs. Paul’s and Van de Kamp’s brands from Conagra Brands in a deal worth USD 55 million (EUR 48 million).
High Liner announced the purchase on 6 June, 2025, saying it entered a purchase agreement to acquire the frozen breaded and battered fish products. The deal includes roughly USD 36 million (EUR 31 million) in inventory, and the price is also subject to a customary inventory adjustment, the company said.
"This is a highly strategic and compelling opportunity for High Liner Foods that will serve as a catalyst for further growth in the U.S retail market," High Liner Foods President and CEO Paul Jewer said in a release. "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."
High Liner has already been co-manufacturing products for both the Mrs. Paul’s and van de Kamp’s brands at its U.S.-based manufacturing facility, to the tune of 25 million pounds of product annually on average. The company said it anticipates the purchase of the brands will increase that annual volume to a total of 29 million pounds of fish processed and sold in the U.S.
High Liner’s recent Q1 2025 results saw a slight weakening of its revenue and EBITDA, which Jewer attributed to the later timing of the Lenten period. Under Jewer’s tenure, High Liner has made key investments in other companies as it aims to diversify its global supply chain, and the latest purchase of Mrs. Paul’s and Van de Kamp’s continues that strategy.
"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,” Jewer said. “We have a clear line of sight to significant synergies that will strengthen our performance over time through operational efficiencies and incremental sales opportunities."
High Liner said the transaction secures volume associated with its co-manufacturing for Conagra, as the current contract was set to expire in 2027. High Liner said it expects the purchase to generate an incremental Adjusted EBITDA of USD 4 million (EUR 3.5 million) on top of the existing contract margin, increasing to the anticipated annual run rate of an Adjusted EBITDA of USD 11 million (EUR 9.6 million) in 2027.
“The Company anticipates approximately 12 – 18 months of ramp-up time to realize synergies from across the Company's operations which are reflected, after transaction costs, in the estimated annual run rate from 2027 onwards,” High Liner said. “The transaction is expected to be slightly accretive to Adjusted EBITDA starting in the second half of 2025.”
Jewer told SeafoodSource the acquisition of the two brands is a strategic investment in the future of High Liner Foods.
"These two leading products are a welcome addition to our existing portfolio of consumer favourite frozen seafood brands and further diversify our product offerings in the U.S. retail market," Jewer said. "High Liner Foods has been co-manufacturing products for Mrs. Paul’s and Van de Kamps for some time now which will help make for a seamless transition for all involved.”
