frozen seafood
High Liner Foods Acquires Mrs. Paul’s, Van de Kamp’s Brands
High Liner Foods Inc., a leading North American value-added frozen seafood company, has entered into a purchase agreement to acquire the Mrs. Paul’s and Van de Kamp’s brands of frozen breaded and battered fish products from Conagra Brands for $55 million, inclusive of approximately $36 million in inventory. The purchase price is subject to a customary inventory adjustment.
“This is a highly strategic and compelling opportunity for High Liner Foods that will serve as a catalyst for further growth in the U.S retail market,” said Paul Jewer, president and chief executive officer of High Liner Foods. “By taking full ownership of these well established and respected brands, we will capture additional value for our shareholders and ensure a seamless transition for existing customers. We look forward to offering choice and value to an expanded portfolio of customers and consumers in the growing U.S market.”
High Liner Foods currently co-manufactures products for Mrs. Paul’s and Van de Kamp’s brands at its U.S. based manufacturing facilities, an average of 25 million pounds annually. The transaction secures the volume associated with the company’s current contract with Conagra, which is due to expire in 2027. It is anticipated to increase High Liner Foods’ annual volume from this business to a total of approximately 29 million pounds of fish procured, processed and sold in the United States, aligned with the company’s strategy to continue to diversify its global supply chain.
Before reaching the anticipated annual run rate of $11 million Adjusted EBITDA in 2027, which is inclusive of current contract margin, incremental contribution and synergies, the transaction is anticipated to generate incremental Adjusted EBITDA for 2026 of approximately $4 million on top of existing contract margins. The company anticipates approximately 12 to 18 months of ramp-up time to realize synergies from across the Company’s operations which are reflected, after transaction costs, in the estimated annual run rate from 2027 onward. The transaction is expected to be slightly accretive to Adjusted EBITDA starting in the second half of 2025.
Mrs. Paul’s and Van de Kamp’s are leading brands in the frozen breaded and battered category in U.S. retail with high consumer awareness. High Liner Foods intends to leverage the brands’ strong conversion metrics and brand equity to drive incremental sales of its diversified portfolio of branded and value-added retail products through an expanded distribution network and a significant national base of new retail customers.
The company will fund the transaction from its existing ABL facility. The transaction is expected to close at the end of June 2025, subject to customary closing conditions.
Jewer concluded, “This strategic transaction is one example of the steps we are taking to position High Liner Foods for future growth, leveraging our healthy balance sheet today to secure profitable volume and incremental growth for years to come. We have a clear line of sight to significant synergies that will strengthen our performance over time through operational efficiencies and incremental sales opportunities.”
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Fortune International Appoints Top Executives
Fortune International, LLC, the country’s leading processor, distributor and importer of quality seafood, meats and gourmet products, has appointed six senior executives to further strengthen and expand the company’s financial, operational and marketing capabilities.
Joel Jorgensen
Fortune named Joel Jorgensen as chief financial officer, Richard Deferia as chief revenue officer and Kevin Hoople as chief information officer, all reporting to President and CEO Sean O’Scannlain. The company also named Ethan Farber as vice president of marketing, Steven Gwozdz as vice president of frozen seafood and Trey Kidd as market vice president of Texas.
“We are very pleased to announce the addition of six exceptional new senior executives to our leadership, corporate and regional teams at the start of 2024,” O’Scannlain said. “We continue to attract the industry’s very best talent, which allows us to invest in and build stronger customer relationships, accelerate business momentum and drive growth into new markets. I look forward to supporting my new colleagues in their new responsibilities. This is an exciting way to start off the new year.”
Jorgensen will oversee overall financial and operational management at Fortune, as well as play a key leadership role in strategic business planning, M&A execution and integration. He brings over 15 years of financial executive experience in food distribution and packaging to Fortune.
Previously, Jorgensen was chief financial officer at B2B Industrial Packaging, LLC in Addison, Ill., where he led and supported the acquisition of 16 companies and built out the company’s leadership, treasury and HR functions. Before that, he was CFO at Harvest Sherwood Food Distributors in Detroit. He received his B.A. in Accounting from the University of Northern Iowa.
Richard Deferia
Deferia will lead and support the continued national expansion of the Fortune Fish & Gourmet distribution business. He has over 15 years of experience in the food and restaurant industries, starting his career as a chef before transitioning into sales and marketing. Before Fortune, Deferia spent 13 years at Sysco, starting his career as a marketing associate before working up to Regional vice president of sales mideast region.
Prior, he was an executive chef at Dockside Jack’s and JB’s Wharf in Michigan. Deferia received a degree of culinary arts from the French Culinary Institute and a B.S. in Biochemistry from the University of Notre Dame.
Kevin Hoople
Hoople will be responsible for overseeing Fortune’s IT, information security teams and strategy, with an initial focus on data collection infrastructure. He has been an IT executive in the food and distribution industries for over 20 years.
Prior to Fortune, he spent 14 years at Lawson Products, starting as a director of ERP integration & deployment and rising eventually to chief information officer. Before Lawson, Hoople spent 10 years at Reyes Holdings L.L.C. and Martin-Brower L.L.C. He received his B.A. in management computer systems from the University of Wisconsin.
Farber brings nearly 20 years of experience in brand and creative strategy, strategic planning and business insights to the company. Prior to joining Fortune, he was Senior vice president and partner in creative planning at FleishmanHillard in Chicago. Before that, he was executive vice president and U.S. head of planning at BCW Global, formerly Burson-Marsteller, for nearly six years. He is an alumnus of Bowdoin College.
Experienced in front-line retail operations, Gwozdz is a senior food industry leader with expertise across fresh commodities and other categories. Before joining Fortune, he was a category manager III of Seafood Merchandising at Stop and Shop Supermarkets. Gwozdz also spent three years as category manager III of meat merchandising at Giant Food Stores and, before that, as a manager of meat merchandising at Price Chopper/Market 32. He is an alumnus of the Massachusetts College of Liberal Arts in North Adams.
Based in the Greater Houston area, Kidd is a proven sales and operations leader with over 20 years of experience in the food and beverage industry. Before joining Fortune to oversee Texas operations, he was general manager for three years at BakeMark, a manufacturer and distributor of bakery ingredients. Prior to that, he spent nearly 22 years at Sysco, rising from a marketing associate to vice president of field sales for the Southern Market. He received his B.S. in agriculture from Texas A&M University.
Fortune International, LLC, is the parent operating company of Fortune Fish & Gourmet, a full-service processor and distributor providing white-tablecloth restaurants, private clubs, elegant hotels and gourmet retail stores with the finest quality fresh, live and frozen seafood and gourmet foods. The company handles more than 18,000 unique products daily and delivers to more than 35,000 customer locations throughout the United States with a fleet of refrigerated vehicles, and nationally through FedEx and common carriers. For more information, visit www.fortunefishco.net.
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