International Home to Acquire Clover Leaf and Paramount

International Home Foods, Inc. (Parsippany, NJ) has entered into a definitive agreement to acquire the canned seafood brands and business of British Columbia Packers from George Weston Ltd. of Canada. Financial terms of the transaction, which is expected to be completed before the end of January, were not disclosed.

The acquired business includes Clover Leaf and Paramount, Canada's number one brands of white and light meat tuna, and red and pink salmon. The business also has a strong presence in the United Kingdom and South Africa through private label sales of canned tuna to major supermarket chains in both countries.

International Home Foods will integrate the Clover Leaf and Paramount brands and business into its Bumble Bee Seafoods unit and assume full marketing and distribution responsibilities for the brands. In addition, IHF's existing Canadian operation will provide administrative and warehousing support. British Columbia Packers will retain ownership of its packing plants and as part of the transaction, International Home Foods has entered into a long-term agreement under which British Columbia Packers will provide canned salmon to Bumble Bee.