Communique-Trilantic Capital Partners agrees to sell MWBrands to Thai Union Frozen Products |28 July 2010

“Our current shareholders, Trilantic Capital Partners, has agreed to sell MWBrands to Thai Union Frozen Products PCL (“TUF”), Thailand’s major processor and exporter of canned and frozen seafood which is publicly listed on the Bangkok stock exchange.

TUF will acquire 100% of MWBrands holding company, that is controlling the plants, the tuna fishing company in Ghana and the commercial business units across Europe.

After completion, this transaction will allow TUF and MWBrands Group to become the largest canned tuna producer in the world with a global tuna processing yearly capacity in excess of 0.5 million tons of whole round fish.

There are major complementarities between the two groups : TUF is not directly present today in Europe and does not have any such iconic brands as the MWBrands ones in Europe nominally John West, Petit Navire, Mareblu and H. Parmentier.

Thanks to this acquisition, the  new group will become a truly global and vertically integrated seafood player with sales, production, and leading brands across Asia, the US, and Europe.

There is no doubt that this transaction will start a new era of success stories in our day today challenges: enhanced competitiveness, new territories developments, process technology improvement and accelerated product innovation.

The CEO of MWBrands as well as the management have been requested to remain in the new group. This is a strong signal of continuity for MWBrands and appreciation for the professional performance of all employees.

Concerning Indian Ocean Tuna Ltd. ( IOT) there is no change where MWBrands and the Government of Seychelles retains  60% and 40% shares respectively.

Mr Thiraphong Chansiri, president of TUF, who was in Seychelles yesterday, introduced himself and his company to high governmental officials.

Mr Chansiri took the opportunity to express his appreciation to the professional level of the IOT management and workforce.
IOT will have a good chance to take advantage of the newly formed group and potentially increase its production.