10:04 AM EDT, 06/30/2025 (MT Newswires) -- High Liner Foods ( HLNFF ) was up 2.7% at last look on Monday after announcing completion of its previously announced acquisition of the Mrs. Paul's and Van de Kamp's frozen breaded and battered seafood brands from Conagra Brands(CAG) for the adjusted purchase price of US$42.4 million, compared to the US$55 million initially disclosed.

The adjusted purchase price includes an estimated US$23.8 million of inventory acquired by the company as part of the transaction on closing, compared to the normalized target of US$36 million.

"The inventory adjustment reflects normal seasonal shifts in inventory at the time of closing and is subject to a further post-closing adjustment," said the company.

The company further added that the transaction secures the volume currently tied to High Liner Foods' ( HLNFF ) co-manufacturing agreement with Conagra, set to expire in 2027. With the acquisition, the company expects annual volume from this business to total approximately 29 million pounds of seafood sold in the U.S., and will "provide expanded distribution and access to a new base of national retail customers."

A company statement noted that the transaction is estimated to deliver US$11 million annual run rate adjusted EBITDA in 2027, "inclusive of current contract margin, incremental contribution margin and net cost synergies, with potential for further growth."

The company added that the purchase was funded through its existing asset-based lending facility.

"As we integrate these two trusted brands into our portfolio, our focus now shifts to realizing synergies, expanding our reach across the U.S. retail market, and building an even stronger platform for long-term, sustainable growth," said High Liner Foods' ( HLNFF ) President and Chief Executive Officer, Paul Jewer.

Price: 18.47, Change: +0.49, Percent Change: +2.73