Thai Seafood Giant to Buy San Diego-Based Bumble Bee Tuna

LOS ANGELES (Los Angeles Times/TNS) -

San Diego-based Bumble Bee Seafoods is being scooped up by the world’s largest canned-seafood company.

Thai Union Frozen Products said it’s buying the Southern California firm for $1.51 billion from private-equity firm Lion Capital, which purchased Bumble Bee in 2010.

Bumble Bee, which was founded in 1899, currently has its headquarters in downtown San Diego. According to Thai Union, Bumble Bee has annual sales of about $1 billion and employs more than 1,300.

The companies expect the deal to close in the second half of 2015.

The deal would give Bangkok-based Thai Union another big footprint in the U.S. market. It already owns the Chicken of the Sea brand.