Thai Union to buy King Oscar
Thai Union Frozen Products Public Company Limited (TUF) is to buy seafood company ‘King Oscar’. King Oscar Holding AS is owned by the private equity fund Procuritas Capital Investors IV in the Nordic Region.
The company is number one in the premium sardine category in Norway, USA and Australia, posting sales of USD 80 million with an EBITDA margin of around 12 percent in 2013.
Headquartered in Bergen, Norway, ‘King Oscar’ has two production facilities, in Poland and Norway, with a total combined production capacity of 135 million cans.
Mr Thiraphong Chansiri, president and CEO of TUF, said: “we are in a full mode for investment. At this pace with our business expansion I am confident we will hit our revenue target of USD 8 billion by 2020, if not before. The deal will have a positive contribution to TUF’s earnings by increasing TUF’s group revenues with an estimation of two percent. It is a relatively small, but highly strategic acquisition for our group. It will give us a unique position and an opportunity to build ‘King Oscar’ brand in the market worldwide and into our global brand portfolio.”
Mr. Geir-Arne Asnes, CEO of King Oscar, stated: “It is no exaggeration to say that with effective production with highly efficient infrastructure, well-invested world-class facilities and significant canned seafood manufacturing expertise, we are geared up for sustainable growth. We share the same vision as TUF ¬– a vision of technological advancement on innovation and a focus on premium quality. By joining TUF, it is truly the moment for an expansive phase for the ‘King Oscar’ brand.”
