High Liner acquires U.S. seafood company
Nova Scotia's High Liner Foods to buy U.S.-based Viking Seafoods
Lunenburg, N.S. – High Liner Foods Inc. is acquiring Malden, Mass.-based Viking Seafoods Inc. for US$31.5 million. The deal is part of the Nova Scotia company’s plans to grow its U.S. business.
High Liner manufactures prepared, value-added frozen seafood, while Viking produces seafood meals for the health care, education and restaurant sectors. It has annual sales of approximately $40 million.
According to High Liner, the deal will substantially increase its U.S. market share for broad line, value-added seafood products in the U.S. foodservice industry. It’s seafood brands – including High Liner, Fisher Boy, Mirabel and Sea Cuisine – currently sell across Canada, the U.S. and Mexico.
“A key component of High Liner’s overall growth strategy is to acquire complementary businesses that strengthen our market leadership position. This deal fits perfectly within that plan,” says Henry Demone, president and CEO of High Liner.