High Liner Foods buys American Pride Seafoods in $50 million deal
A deal by High Liner Foods to buy American Pride Seafoods in New Bedford from its parent company, American Seafoods, has been announced by both companies. High Liner Foods Inc. has acquired the principal assets and operations of American Pride Seafoods LLC from American Seafoods Group LLC, based in Seattle.
The original offer was reported to be an unsolicited bid to American Seafoods by High Liner to purchase American Pride. American Seafoods was recently downgraded by Moody's due to concerns over increasing leverage and high levels of debt. In their analysis, Moody's said "The company does have some alternate avenues to raise cash including asset sales, which would likely have to be used for debt repayment."
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