Thai tuna firm buys major stake in North America’s largest seafood restaurant chain

THAILAND: One of Thailand’s most prominent publicly-listed seafood suppliers, Thai Union Pcl (TU on the Stock Exchange of Thailand) has acquired a major stake in Red Lobster, one of North America’s most popular seafood restaurant chains.

The deal, which was announced in a filing with the Stock Exchange of Thailand, and through a press release earlier this week, is reportedly worth US$575 million (THB 20.3 billion), and will enable TU to take an immediate 25% stake of Red Lobster Master Holdings, a Delaware limited partnership.

The deal, which was completed with the restaurant chain’s continuing majority owner, Golden Gate Capital, has been structured so that TU will have the ability to acquire an additional 24% stake over the next 10 years.

In addition to tuna, TU also supplies lobster, mackerel, shrimp, sardines and crab to global markets.

The Bangkok-headquartered 100-billion-baht ($2.8 billion) market-cap Thai firm also supplies seafood products to Walmart and Costco, and had aquired Canadian lobster processor Les Pecheries de Chez Nous earlier this year.

 

According to the above link, TU has secured loans from three Thai banks to make Red Lobster deal.

Headquartered in Orlando, USA, Red Lobster has operations in a number of countries around the world, including US, Canada, Malaysia, Saudi Arabia, the United Arab Emirates, Qatar, Mexico, and Japan.

TU owns a number of popular seafood brands including Chicken of the Sea, King Oscar, John West and Petit Navire.

 

 

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