KAOHSIUNG, TAIWAN — F.C.F. Co., Ltd., has acquired Bumble Bee Foods, San Diego, for $928 million. Bumble Bee Foods declared bankruptcy this past November and had entered into a purchase agreement with F.C.F. Co. at the time.
F.C.F. Co. is a privately held company that is supply chain service provider that specializes in tuna. The company has fishing bases, shipping agents, traders and marketers of tuna products throughout the world.
“We are confident that Bumble Bee, under the thoughtful leadership of its president and c.e.o., Jan Tharp, will continue to build on its storied history of delivering innovative, high quality, and sustainable seafood products to customers,” said Max Chou, president. “The company is poised for future growth and profitably, and we anticipate strong collaboration and interaction between F.C.F. and Bumble Bee for the long term.”
The two companies have had a supplier-purchaser relationship for more than 30 years and share a commitment to sustainability and global fisheries conservation, Mr. Chou said.
Bumble Bee Foods declared Chapter 11 bankruptcy to reduce its debt burden and facilitate the sale. Much of the company’s debt burden stemmed from legal trouble due to a federal price fixing case.
In 2017, the Bumble Bee Foods management pled guilty for its role in a conspiracy to fix the prices of shelf-stable tuna fish, and the company agreed to pay a $25 million criminal fine. Since then, the company has been the target of class action lawsuits from retailers, distributors and consumers. In the bankruptcy filing the company listed its liabilities in the range of $500,000,001 to $1 billion.