01:39:10 EDT Tue 01 Jul 2025
Enter Symbol
or Name
USA
CA



High Liner Foods Inc
Symbol HLF
Shares Issued 29,092,459
Close 2025-06-30 C$ 18.11
Market Cap C$ 526,864,432
Recent Sedar Documents

High Liner Foods completes purchase of seafood brands

2025-06-30 18:30 ET - News Release

Mr. Paul Jewer reports

HIGH LINER FOODS COMPLETES ACQUISITION OF LEADING U.S. SEAFOOD BRANDS MRS. PAUL'S AND VAN DE KAMP'S FROM CONAGRA BRANDS

High Liner Foods Inc. has completed its previously announced acquisition of the Mrs. Paul's and Van de Kamp's frozen breaded and battered seafood brands from Conagra Brands Inc. for the adjusted purchase price of $42.4-million (U.S.), compared with the $55-million (U.S.) initially disclosed.

The adjusted purchase price accounts for an estimated $23.8-million (U.S.) of inventory acquired by the company as part of the transaction on closing, compared with the normalized target of $36-million. The inventory adjustment reflects normal seasonal shifts in inventory at the time of closing and is subject to a further postclosing adjustment.

"The completion of this acquisition marks an exciting milestone for High Liner Foods," said Paul Jewer, president and chief executive officer of High Liner Foods. "As we integrate these two trusted brands into our portfolio, our focus now shifts to realizing synergies, expanding our reach across the U.S. retail market and building an even stronger platform for long-term, sustainable growth."

As previously disclosed, the transaction secures the volume currently tied to High Liner Foods' co-manufacturing agreement with Conagra, which is set to expire in 2027. With this acquisition, the company expects annual volume from this business to total approximately 29 million pounds of seafood sold in the United States, and will provide expanded distribution and access to a new base of national retail customers. The transaction is estimated to deliver $11-million (U.S.) annual run rate adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in 2027, inclusive of current contract margin, incremental contribution margin and net cost synergies, with potential for further growth.

The purchase was financed through High Liner Foods' existing asset-based lending facility, allowing the company to maintain its strong balance sheet and healthy leverage position.

About High Liner Foods Inc.

High Liner Foods is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Catch of the Day labels, and are available in most grocery and club stores. The company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels, and is a major supplier of private label value-added seafood products to North American food retailers and food-service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

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