Japanese seafood company to buy N.S.-based High Liner Foods

High Liner Foods has signed a deal to be acquired by Japanese seafood company Umios Corp.

Umios Corp. and 4856442 Nova Scotia Ltd—a newly formed subsidiary of Umios Inc. in Nova Scotia—will acquire the Lunenburg, N.S.-based frozen seafood company for $27 per share.

The transaction values the company at $804 million on a diluted basis and $1.25 billion on an enterprise value basis. 

Umios is a longstanding supplier to High Liner Foods. The company said the deal is central to its North American expansion strategy. 

Thornridge Holdings Ltd., which holds around 41.4% of the outstanding shares, has agreed to vote all its shares in favour of the transaction. 

The deal is subject to approval by 75% of shareholders, who will vote during a meeting in December, as well as court approval, applicable regulatory approvals or clearances and other customary closing conditions. 

Umios has committed to keeping the company’s headquarters in Nova Scotia. Paul Jewer, High Liner Foods’ president and CEO, said it also “plans to invest in [High Liner Foods’] people and the business.”

“As seafood  consumption grows, we see significant value in connecting our access to marine resources with High Liner Foods’ ability to develop and deliver products customers want,” Daisuke Yasuda, representative director and president of Umios, said in a release.

Following closing, Umios intends to establish High Liner Foods as the core platform for its North American business. 

Under the terms of the agreement, Umios has committed to maintaining High Liner Foods' workforce and operations, established brands and customer relationships. 

High Liner Foods will continue to operate independently until closing.

The transaction will be implemented through a court-approved plan of arrangement under the Nova Scotia Companies Act. 

It is expected to close in the first quarter of 2027, at which point the shares are expected to be delisted from the TSX. 

In April of this year, High Liner Foods laid off 9% of its North American workforce, or 35 people, as it faced pressure from inflation and tariffs. 

The company's brands include High Liner, Mrs. Paul's, Sea Cuisine and Van de Kamp's.