UK-based private equity Lion Capital has engaged Houlihan Lokey to run a sale process for the Canadian arm of Bumble Bee Foods, which owns the Clover Leaf, Brunswick and Beach Cliff brands, according to Undercurrent News sources with knowledge of the process.
The Wall Street Journal first reported the sale process and involvement of Houlihan Lokey, which Undercurrent then confirmed. Undercurrent sources said the process is in its early stages and an information memorandum has not gone out yet.
Also, the sale is for all the Bumble Bee Canadian business, not just Clover Leaf Seafoods Co., which owns the biggest shelf-stable brand in the country for tuna, salmon, clams, oysters, mussels and other snacks. Bumble Bee also owns Connors Bros in Canada, which is the parent of the Brunswick and Beach Cliff sardine brands. The business is based in Markham, Ontario, just north of Toronto, with sales offices in Calgary, Alberta and Montreal, Quebec [...]
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