Lunenburg, Nova Scotia, Canada-headquartered High Liner Foods, a leading North American value-added frozen seafood company, announced on October 7 that it has acquired the business of Atlantic Trading Company, LLC. Ranked as one of the largest importers of frozen Atlantic salmon into the United States, the Miami, Florida-based company sells its products into the retail market. Its premium quality Atlantic salmon fillets and portions are sustainably sourced and distributed in frozen raw (unprocessed) and value-added formats.
Atlantic Trading’s revenues range between $75 million and $80 million annually, and High Liner Foods expects the acquisition to more than double its sales of salmon products, and for the margins on Atlantic Trading products to be comparable to those achieved on similar products sold by the company.
Roughly 90% of the company’s 15 million pounds of salmon typically imported per annum comes from Chile. The remaining 10% of sales volume is sourced from Norway, Canada and Scotland. Its staple item is boneless portions.
“Our vision is to be the leading frozen seafood supplier in North America and a key component of our strategy is to acquire profitable and complementary businesses like Atlantic Trading,” said Henry Demone, chief executive officer of High Liner Foods. “It sources some of the finest Atlantic salmon available today, and will enhance product offerings to our customers.”
“Selling Atlantic Trading to High Liner Foods is a natural fit,” said Knut Skabo, the company’s president. “Our reputation has been built on providing consumers with high quality salmon selections and an unwavering commitment to sustainability. I am confident High Liner Foods will continue these efforts and look forward to working with them to ensure a seamless change in ownership.”
High Liner does not anticipate making any changes to the operations of Atlantic Trading following the purchase and expects the acquisition will be immediately accretive to earnings, after considering the impact of incremental interest costs related to financing the deal, and excluding the impact of one-time costs associated with the acquisition which will be expensed in the current period. The purchase will be financed with existing credit facilities.
About High Liner Foods
High Liner Foods’ retail branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea Cuisine labels, and are available in most grocery and club stores. The company also markets branded products under the High Liner, Icelandic Seafood, FPI, Viking, Mirabel, Samband of Iceland and American Pride Seafood labels to restaurants and institutions, and is a major supplier of private label value-added frozen seafood items to North American food retailers and foodservice distributors.
About Atlantic Trading Company
Operating since 1984, privately owned Atlantic Trading Company, LLC predominantly sells its frozen salmon products under the C. Wirthy & Co. brand to a major club store and supercenter operator in the United States. It currently ranks as one of the largest distributors of frozen salmon products in the nation, and also sells fresh salmon products to several wholesalers in the US market.
