High Liner Foods to acquire Mrs. Paul’s and Van de Kamp’s brands from Conagra

High Liner Foods, the Canadian frozen seafood processor, announced on June 6, 2025, that it has signed a definitive agreement to acquire Mrs. Paul’s and Van de Kamp’s—two leading frozen breaded and battered seafood brands—from Conagra Brands for USD 55 million. The purchase includes approximately USD 36 million in finished goods inventory and is expected to close by the end of June, pending customary conditions.

This move secures the production volume currently tied to a co-manufacturing contract with Conagra and gives High Liner Foods full brand control, allowing it to transition into a brand-owning growth model in the U.S. retail segment.

Why did High Liner Foods acquire Mrs. Paul’s and Van de Kamp’s?

For several years, High Liner Foods has manufactured Mrs. Paul’s and Van de Kamp’s products at its U.S.-based facilities under contract with Conagra. The current agreement, covering an average of 25 million pounds annually, is due to expire in 2027. By acquiring the brands outright, High Liner Foods ensures retention of this volume and gains the ability to scale operations beyond contractual limits.

Mrs. Paul’s and Van de Kamp’s are widely recognized names in the U.S. frozen seafood aisle, offering strong brand equity, consumer familiarity, and high conversion rates. With this acquisition, High Liner Foods is positioning itself to expand distribution across major U.S. grocery retailers, leveraging a portfolio that combines private-label capabilities with branded visibility.

What are the expected financial benefits by 2027?

The acquisition is expected to generate incremental Adjusted EBITDA of approximately USD 4 million in fiscal year 2026 and achieve an annual run-rate of USD 11 million by 2027. These projections include margin contributions from retained volume, cost synergies from manufacturing and logistics, and incremental sales from brand expansion.

Management has outlined a ramp-up period of 12 to 18 months post-closing to realize full synergy benefits. Adjusted EBITDA accretion is anticipated to begin in the second half of 2025, with operational savings and sales leverage expected to mature by the end of 2027.

The acquisition will be funded using High Liner Foods’ existing asset-based lending facility. No new equity issuance or long-term debt facility is planned, preserving shareholder value and balance sheet flexibility.

How are investors reacting to the USD 55 million seafood deal?

High Liner Foods’ shares surged over 8 percent on the Toronto Stock Exchange following the announcement, signaling strong investor support for the acquisition. The stock traded near CAD 18.65 as of June 7, 2025, closing in on its 52-week high of CAD 19.07. With a market capitalization of roughly CAD 503 million, the company’s enterprise valuation remains below sector multiples, trading at a forward EV/EBITDA of approximately 6.9x and forward P/E of 8.1x.

Analysts view the transaction as a long-term value driver. By integrating the brands into its existing U.S. retail footprint, High Liner Foods gains significant leverage across procurement, marketing, and logistics. The company also reduces contract reliance and strengthens its brand-forward positioning, which could improve pricing power and brand loyalty.

How does the acquisition align with High Liner’s long-term strategy?

This acquisition aligns with High Liner Foods’ strategic objective of expanding its branded product portfolio while capturing margin improvements. U.S. consumer trends continue to favor convenient, protein-rich frozen meals, and seafood—particularly white fish—is viewed as a healthy, versatile option.

Mrs. Paul’s and Van de Kamp’s are sourced from high-quality Alaskan White Fish, a value proposition High Liner Foods will retain and emphasize in marketing campaigns post-acquisition. By owning the brands, the enterprise also avoids renewal uncertainty and strengthens its negotiating power with national and regional retail chains.

The frozen seafood category is becoming increasingly competitive, with companies like Trident Seafoods, Bumble Bee, and Gorton’s continuing to battle for shelf share. High Liner Foods’ ability to now control, scale, and market legacy brands in the U.S. enhances its visibility in an otherwise commoditized market.

What synergies is High Liner Foods targeting post-integration?

High Liner Foods projects total volume for the acquired brands to rise from 25 million pounds to roughly 29 million pounds by 2027. The additional volume will be absorbed within the company’s existing U.S. manufacturing network, avoiding capital expenditure on new infrastructure. Cost savings are expected from logistics consolidation, procurement alignment, and production efficiency.

Operational execution will be key. Preserving brand equity, maintaining consistent product quality, and managing customer expectations during the transition will be central to the success of this acquisition.

The company will also explore product innovation under the Mrs. Paul’s and Van de Kamp’s labels, including new formats, flavor profiles, and retail promotions. Early gains are expected to materialize from promotional placement and rebranding campaigns aimed at expanding the consumer base.

What are analysts saying about High Liner’s retail seafood expansion?

Institutional analysts have largely endorsed the transaction. Industry observers noted that High Liner Foods is successfully repositioning itself from a private-label producer to a brand-forward player with enhanced scale in the U.S. retail market.

According to portfolio strategists, the deal demonstrates strategic use of capital for long-term growth. An analyst described the deal as “a calculated move to streamline its portfolio, tap into underpenetrated growth opportunities, and position itself as a frontrunner in a sector primed for expansion.”

Others pointed out that the frozen seafood segment has underperformed broader packaged food due to volatility in raw material prices and freight. However, High Liner Foods’ vertical integration, diversified supply sources, and proven operational discipline mitigate many of these risks.

What should shareholders watch for in upcoming quarters?

Investors and analysts will closely monitor the company’s Q3 and Q4 2025 earnings reports for early signs of accretion. Indicators such as volume retention, distribution expansion, and gross margin improvement will validate the acquisition thesis.

If the projected USD 11 million in annual Adjusted EBITDA is realized by 2027, the acquisition could account for nearly 10 percent of High Liner Foods’ total profitability, representing a meaningful inflection point in its growth trajectory.

High Liner Foods has signaled that this deal fits into a broader roadmap of operational excellence and brand-led growth. With debt levels expected to remain stable and free cash flow yield near 10 percent, the company retains flexibility for further strategic actions, including additional bolt-on acquisitions or share buybacks.