Davies acted as Canadian counsel for FCF Co., Ltd. in its US$928-million acquisition of all the assets of Clover Leaf Foods and Bumble Bee Foods, North America’s largest branded shelf-stable seafood companies, under a sale proceeding conducted under the Companies’ Creditors Arrangement Act and the U.S. Bankruptcy Code.
FCF, a Taiwanese company, is one of the world's largest integrated supply-chain service providers to the marine products industry, with 40-plus years of experience in the trading and marketing of tuna products. Clover Leaf Holdings, the Canadian operations of Bumble Bee, houses the company’s Canadian labels: Clover Leaf, Brunswick and Beach Cliff.
The sale closed on January 31, 2020.
The Davies team working on this transaction included Natasha MacParland, Natalie Renner, Emily Uza, Rob Nicholls, Mark Firman, Jim Dinning, Alysha Manji-Knight, Andrew Ellis, Daniel Pearlman and Stephen Dalby.
2023 Business Insolvencies in Canada
Mar. 05, 2024 - As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look...
Jan. 10, 2024 - What is a spurned seller’s recourse when a buyer walks away from a deal in breach of the purchase agreement? In private M&A, the answer is reasonably straightforward: sue the buyer to close the deal or to recover damages. In public M&A, however, the answer is murky at best. The problem arises...
