The world’s largest producer of canned tuna, Thai Union Frozen Products Pcl (TUF), has acquired Norwegian seafood company King Oscar, as it seeks to boost revenue.
The sum for the transaction has not been disclosed, but the deal comes shortly after TUF said its MW Brands subsidiary had signed a deal to buy French smoked salmon maker MerAlliance, also for an undisclosed sum, according to Reuters.
Thiraphong Chansiri, TUF president and chief executive, said the acquisition was relatively small, but highly strategic. “At this pace with our business expansion, I am confident we will hit our revenue target of US$8 billion by 2020 if not before.”
Privately owned King Oscar is one of the world’s biggest suppliers of canned fish, with sales worth $80 million and an EBITDA margin of around 12 percent in 2013.